Two sisters in their 80s have put their 67-year-old house and garden, in central Shanghai, on the market for an astonishing price of 45.5 million yuan (HK$42.26 million). The house, at 590 Yongjia Road, in the heart of the former French Concession, has been on the market for only four days but already has attracted three potential buyers, one of whom is said to be one of Hong Kong's richest tycoons. The site area is 1,050 square metres, including a garden. The main house measures 475 sqmetres over three storeys, including four bedrooms with balconies. There is a separate guard house. The house was built in 1936 by a French architect for a wealthy Jewish family, which sold it in 1948 to a Shanghai textile magnate named Wu, who fled the Communists and moved to Hong Kong where he died. The house passed to his two daughters, now aged 86 and 89. 'There is no rational economic reason to pay 45.5 million yuan for this property,' said Sam Crispin, the head of Crispin Property Consultants. 'It would be a trophy residence for someone of immense wealth, a prestige home.' The floor area works out at US$7,000 per sqmetre, compared with $4,000 at 41 Hengshan Road, the high-rise residential building nearby belonging to the daughter of Hong Kong tycoon Lim Por-yen that was previously the most expensive real estate in the city. Sammi Wang, a consultant with Bonity Property Group, said the asking price was high because of the scarcity value. 'The advantage of this one is the clear title. You negotiate with a single owner and, once you sign the deal, they will leave,' she said. In Shanghai, there are 2,000 homes of a similar size with gardens, but only six are in private hands. The rest are owned by the government, which confiscated them from their private owners when the Communists took power.