A run-down penthouse in one of the world’s most sought-after locations in Sydney has been sold for an astonishing price after a big-money bid was made for children.
A dilapidated four-bedroom apartment at 5/17 Wilga Street in Bondi Beach was sold for $7.1 million on Saturday morning. This is a staggering $3.1 million more than the reserves.
The deceased property was put up for sale for the first time in more than 30 years, with damaged carpets and walls and original interiors, but buyers ignored such small details and bought Bondi Beach and Ben.・I was happily admiring the magnificent panoramic view of Buckler.
Cooley auctioneer Jake Moore led a successful auction, with seven of the 15 registered bidders actively participating.
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The rainy weather didn’t slow down bidder activity, with an opening bid of $4 million, followed by $200,000, $100,000, and a sneaky $50,000 bid.
In the end, it was an online bidder’s final bid of $100,000 that won the apartment.
Moore described the auction and its results as “absolutely incredible.”
“It was really surprising that a dilapidated apartment building sold so well,” he said.
“As an auctioneer, there are some situations where you don’t have to push too hard, and this was one of them… people just wanted it.
“It needs building work and a complete renovation. The buyer literally paid for the location and the view.”
Lane & Horne – Double Bay sales principal Rick Serao said the buyer purchased the property for their grown children to live in.
“Anytime you can get $3.1 million over your reserves, that’s a good thing,” he says.
“It’s a unique property and the views were sensational.”
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Serao said they received more than 320 inquiries during the marketing campaign.
“I’ve never seen anything so desolate,” he said.
“It’s difficult to price a property with a view.
“However, the entire building is scheduled to be completed, and this apartment alone will require a special levy of $1 million in construction costs.
“Everyone is excited, both sellers and buyers.”
The building is a “boutique block” of five apartments built in 1972.