Cate Blanchett buys harbourside apartment for sons

Cate Blanchett has spent nearly $2 million on a gift for her three sons: an apartment overlooking Sydney Harbour.

A source told Domain that the waterfront property is an investment for Blanchett's boys, Dashiell, 12, Roman, 9, and Ignatius, 5.

After snapping up the two-bedroom apartment in Billyard Avenue in Elizabeth Bay for $1.9 million, Blanchett reportedly tried to spend another couple of million purchasing the adjoining two and three-bedroom apartments.

Unfortunately, the recent Golden Globe Award winner was unsuccessful in her bid.

Though the larger apartment was marketed with a price guide of $1.8 million plus, it was sold for $2.4 million at a highly competitive auction.

Neither Blanchett nor her husband, Sydney Theatre Company artistic director Andrew Upton, attended the sale.

Click here to see more photos of Blanchett's new property — and the one that got away.

Blanchett, ever the trendsetter, is at the forefront of a potential Sydney real estate fad of snapping up real estate on behalf of children.

In October, property lawyer Dion Vertzayas spent $710,000 on buying his five-year-old son a unit in Potts Point.