Lady Mary Fairfax, of the Fairfax media family, has died aged 95, her family said in a statement on Monday.
She passed away at her waterfront mansion on the Sydney harbour.
“It is with profound sadness that we announce the passing of our mother, Lady Mary Fairfax, AC, OBE,” her family said in a statement, reports 7 News.
“She died peacefully last night at the family home, ‘Fairwater’. Our mother had recently celebrated her 95th birthday. Her health has been deteriorating significantly recently. Members of the family have gathered at ‘Fairwater’.
“This is a deeply distressing time for the family.”
Lady Mary was appointed a Companion of the Order of Australia (AC) in for service to the community and for her philanthropic and financial contributions to medical research initiatives, improved health care opportunities, nurturing artistic talent in young performers, and preservation of diverse cultural heritage.
She was also an OBE and AM recipient.
Her family are the founders of Australian media company Fairfax.
Lady Mary was born in Poland and emigrated to Australia as a small child with her parents.
She moved to New York in 1988 where she bought a penthouse known as Chateau in the Sky, on top of the Pierre Hotel, Fifth Avenue, for US$12 million.
The luxury apartment later became New York’s most expensive penthouse when it was put up for sale in 2013 for an asking price of US$125 million. Previous tenants had included John Paul Getty, Elizabeth Taylor, Yves Saint-Laurent and Mohamed al-Fayed.