Elizabeth Bay's Oakburn bought by Julian and Lizanne Knights

Arts patrons Julian and Lizanne Knights have spent $7.4 million on the Elizabeth Bay trophy home, Oakburn.

It was Lizanne's $150,000 knockout bid which secured the Gunnis family, renovated Victorian era Italianate villa at auction through McGrath agent Ben Collier.

Julian Knights, founding partner of private equity group Ironbridge, have meanwhile sold their Macleay Street apartment off-market through Jason Boon at Richardson & Wrench for $8 million.

The three bedroom, three bathroom Villard apartment had been bought in 2011 for $6.17 million when sold by the late car dealer Ray Lintott and his wife Penny, who had paid $7.4 million in 2008.

Villard was Ercole Palazetti's grand Parisian inspired 19 apartment block on Macleay Street.

Julian Knights has more than 30 years’ experience in the financial services industry.

This article was first published in the Saturday Daily Telegraph.