Lady Mary Fairfax dies aged 95

Philanthropist Lady Mary Fairfax (OBE) has died at her Sydney waterfront property at the age of 95.

Lady Fairfax's children say her health deteriorated rapidly before she died at their family home Fairweather in Double Bay last night.

"This is a deeply distressing time for the family," they said in a statement on Monday, requesting their privacy be respected.

Lady Fairfax was born in Warsaw, Poland, and emigrated to Australia as a child. 

She was a chairman of the Friends of the Australian Ballet and the president of the Australian Opera foundation in the 1970s. 

She has gifted money to organisations including the St Vincent's Foundation and the Garvan Foundation. 

Her husband Sir Warwick died in 1987.