The cost of relocating the Powerhouse Museum to Parramatta to make way for former NSW Premier Mike Baird’s new luxury apartments and VIP lounge could blow out to almost $609 billion – 4,056 times the original estimate Baird scribbled down on the back of a TAB slip then approved himself.

Baird described the relocation of the Powerhouse as “necessary”, despite the growing costs.

“Rich people can’t be expected to live out west and Vaucluse is getting full,” he said, adding that the rare artifacts and priceless art held by the Powerhouse was “just a bunch of old stuff that no one will miss”.

“My new Baird Towers will feature plenty of modern-day history, like the ancient pyramids featured in the Queen of the Nile,” he said.

Baird Towers will have a soft opening in December this year with Beyoncé, Nirvana, Led Zeppelin and The Rolling Stones set to play at an exclusive launch party.

The new Powerhouse Museum will be moved to a hoarder’s shed somewhere in Parramatta.