AC/DC's Malcolm Young spends $10 million at Palm Beach

AC/DC founding member Malcolm Young and his wife O'Linda have bought a Palm Beach beachfront property.

Its sale through Noel Nicholson of LJ Hooker Palm Beach broke on the News Ltd website yesterday.

Ranked as the biggest on the northern beaches for two years, the five-bedroom home on 520 square metres was sold by the recently retired mining executive Geoff Plummer and his wife, Ingrid, who bought the property for $7.5 million only a year ago.

The undisclosed price purchase was done without any registered mortgage. The reported price has been put at around $10 million.

Last year the rock'n'roll legend retired after being diagnosed with Alzheimer's disease.

The Pittwater property which was constructed as a triplex is expected to be used by O'Linda and the couple's two children while Malcolm Young is in a full-time care facility.

The guitarist founded the band with his brother, Angus in 1973.

It is the highest Palm Beach sale since 2013 when the private equity funds boss Chris Hadley paid $10.6 million for his weekender.

The Young purchase was the early 2000s project of the property developer Andrew Richardson who created a beachfront Balinese-style Palm Beach retreat.

The two-storey, four-bedroom Lee Hillam-designed house, with separate guest quarters and views along Pittwater, was finished in 2003.

It stands on 525 square metres in Iluka Road, with a central garden between the two living quarters.