Sydney  - In the midst of a global financial crisis Sydney's most expensive house has changed hands.

A Japanese businessman Thursday agreed to pay back-to-the-wall financier David Coe 47 million Australian dollars (37 million US dollars) for Coolong, a harbourside mansion with its own sandy beach.

Coe, founder of struggling financial engineering firm Allco Finance, had the 4,000-square-metre property on the market for some months for 50 million dollars.

Coolong breaks an Australian record set in March when a Chinese family bought a nearby house for 32 million dollars.

Hollywood actor Russell Crowe inspected the property twice but is not believed to have put in a bid.

Coolong may not be top of the properties for long. Earlier this year Daniel Tzvetkoff, the 25-year-old son of Bulgarian immigrants, paid 28 million dollars for an uncompleted beachfront mansion on Queensland's Gold Coast valued at 70 million dollars when it's completed. (dpa)