PHOTO: Cate Blanchett’s Bulwarra house at 6-8 North Parade, Hunters Hill.

Property tycoon Richard Mingfeng Gu has had an unlucky run with Sydney high-end real estate market since he moved here five years ago.

First, when he was sensationally forced to default on the $19.8 million purchase of Cate Blanchett’s Hunters Hill home and more recently when he failed to complete on a $19 million house in Point Piper.

It is the third time unlucky for Gu given his bid to buy the Potts Point apartment of prominent architect Deece Giles three years ago in the name of his AXF Group later fell over when the company defaulted on the purchase.

Mr Gu’s latest home upgrade plans were on the luxury three-level residence on Point Piper’s Wentworth Street that dentist and property investor Le Tran bought in 2015 for $16.1 million from Seven’s commercial director Bruce McWilliam.

29a Wentworth Street Point Piper sold for $19.9 million in December 2018
The Point Piper residence owned by dentist Le Tran returns to the market in coming weeks for $20 million.