Once owned by famous Sydney advertiser John Singleton, the incredible home has a true Gatsby 'Champagne and Starlight' style.

Owned by the Dan family, this 3,000 square metre, oddly shaped home fronts the wide Sydney Harbour waterfront beach, with uninterrupted views from Rose Bay to the city skyline and Sydney Harbour Bridge.

There's a beachfront pool and even a tennis court.

Not included is the Commonwealth House next door (a 1,261 square metre home in the heart of Area A), which records show was bought by another member of the Dan family in 1986 for $629,000.

There's no doubt about the idyllic nature of this portion of the home for sale, with pictures showing a beachfront pool resort-style paradise with a gate to the beach.

Selling agent Ken Jacobs did not comment on the listing of the home, and the $85 million price tag was revealed by an industry insider in a report.

The home is only listed on the Forbes Global website, and despite the price tag, the advert suggests buyers want to spend more.

The advert reads "It offers a vibrant space to create a significant compound without the constraints of an estate", the advert reads.

The advert also describes "panoramic views of Sydney unrivalled by anything else".

While the existing home is "on a large footprint", the size of the land "allows for the option of building a fine 21st century waterfront home or family compound".

Title records show that the owner of the plot for sale is Adrienne Dan, wife of renowned neurosurgeon Professor Noel Dan.

They have owned the property for 40 years. Records do not show how much they bought the property for.

If it sells for $85 million, it will be the fourth most expensive property in Sydney. John Singleton bought the property in 1976 for A$418,000 and sold it three years later for A$840,000.