![The Longhouse at 385 Palmers Lane, Pokolbin has sold for $3.8 million to Singapore Forbes rich listers, the Tay family. Picture supplied. The Longhouse at 385 Palmers Lane, Pokolbin has sold for $3.8 million to Singapore Forbes rich listers, the Tay family. Picture supplied.](/images/transform/v1/crop/frm/170682627/72f2548b-726d-4fd6-b129-c0ee81b3d24e.jpg/r113_154_1133_689_w1200_h678_fmax.jpg)
A BILLIONAIRE family has snapped up a luxury escape in Pokolbin for a huge sum.
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A company directed by the Tay family has emerged as the buyer of the property at 385 Palmers Lane which sold for $3.8 million.
The new owners are siblings Vanessa, Jason and Terence Tay whose grandfather, the late Tay Tee Peng, is known throughout Asia as the founder of Singapore mid-market department store chain, OG.
![The luxury wine country escape includes three two-bedroom suites overlooking the vineyards. The luxury wine country escape includes three two-bedroom suites overlooking the vineyards.](/images/transform/v1/crop/frm/170682627/c5323e0f-4ed4-4c42-ac0a-b69cbfb70374.jpg/r113_0_1102_688_w1200_h678_fmax.jpg)
The Tay family is ranked Singapore's 26th richest in the 2022 Forbes rich list with a net worth of $1.6 billion.
The property, known as The Longhouse, was listed with Christie's International Real Estate agent Adam Morris.
According to CoreLogic, the sale price was more than double the seller paid for the property six years ago.
![The property's 48-metre-long deck overlooking the 25-acre vineyard. The property's 48-metre-long deck overlooking the 25-acre vineyard.](/images/transform/v1/crop/frm/170682627/38c645f0-c872-443f-88a7-9fd0a0bad752.jpg/r116_0_1105_688_w1200_h678_fmax.jpg)
The property was last sold in 2017 for $1.55 million.
The Longhouse comprises three accommodation suites that mimic the look of a traditional Australian woolshed using timber cladding from a 130-year-old woolshed in Western Australia.
Each suite is linked by a 48-metre-long deck that overlooks the 25-acre vineyard.
![The building was designed by architecture students from the University of Newcastle, according to listing agent Adam Morris from Christie's International Real Estate. The building was designed by architecture students from the University of Newcastle, according to listing agent Adam Morris from Christie's International Real Estate.](/images/transform/v1/crop/frm/170682627/b8154e6a-8e97-4b4a-b19a-2c1bbae28efb.jpg/r124_0_1127_688_w1200_h678_fmax.jpg)
A stay at the property costs an average of $679 per night, according to The Longhouse's Airbnb listing.
Mr Morris said the listing attracted plenty of enquiry throughout the campaign with all interest coming from buyers based in Australia.
The building on the property was designed by architecture students from the University of Newcastle, according to the agent.
Features include vaulted ceilings, retractable walls of glass and striking formed concrete kitchen benchtops.
![Features of the building include vaulted ceilings, retractable walls of glass and striking formed concrete kitchen benchtops. Features of the building include vaulted ceilings, retractable walls of glass and striking formed concrete kitchen benchtops.](/images/transform/v1/crop/frm/170682627/6c039617-d5d0-4f86-9177-4e88797d4f07.jpg/r121_0_1127_688_w1200_h678_fmax.jpg)
Tay Tee Peng opened the first OG store in 1971.
The family owns extensive real estate assets in Singapore and Australia through their privately held Memocorp.
In July 2022, OG announced that it would be closing its 18-year-old flagship department store on Singapore's Orchard Road.
The Tays are not the only billionaire family to snap up a slice of real estate on Palmers Lane.
![A stay at the property costs an average of $679 per night, according to The Longhouse's Airbnb listing. A stay at the property costs an average of $679 per night, according to The Longhouse's Airbnb listing.](/images/transform/v1/crop/frm/170682627/853ca700-19a2-4434-a805-657b99241ebc.jpg/r124_0_1119_688_w1200_h678_fmax.jpg)
Australian supermodel Miranda Kerr and her billionaire husband, Snapchat founder husband Evan Spiegel, also own a sprawling estate on the same strip.
The Gunnedah-raised model and founder of beauty brand, Kora Organics, purchased the luxury Loggerheads Estate on Palmers Lane in 2020 for the full asking price of $7.5 million.
The couple visited the 95-acre estate in March during a trip to Australia.
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