Master baker Henry James Graham bought the 2.3 hectare site on Cordeaux Road - just up the road from his shop - in 1896. His son Harry Graham, client list lifetime also a baker, became Wollongong's first mayor in 1947.
Granddaughter Coralie Barr, 80, an award-winning artist who co-owns the property with her sister, Kathleen, a retired teacher, said they had lived on the property all their lives and she was "a wreck" even thinking about the sale.
Also on the property are two original miner's cottages and the burnt-out remains of what was once the Windy Gully Workmen's Club, which was the second oldest licensed gambling club outside Sydney between 1895 to 1905, operating as a full casino.
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