PHOTO: Bondi Beach, Sydney. THE SUN
A weather-beaten penthouse in one of Sydney’s most coveted locations has been sold for a remarkable sum, as the buyer spared no expense for their children. The rundown four-bedroom apartment, situated at 5/17 Wilga St in Bondi Beach, went under the hammer on a Saturday morning, commanding an impressive $7.1 million, surpassing its reserve by a staggering $3.1 million.
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Having been part of a deceased estate and on the market for the first time in over 30 years, the property featured original interiors, worn-out carpets, and damaged walls. However, prospective buyers overlooked these flaws, focusing instead on the captivating panoramic views of Bondi Beach and Ben Buckler.
This dilapidated penthouse sold for $7.1m, with views the major attraction. Picture: Jeremy Piper
Auctioneer Jake Moore, from Cooley in action. Picture: Jeremy Piper
Despite the inclement weather, the auction, led by Cooley auctioneer Jake Moore, drew active participation from seven out of the 15 registered bidders. The bidding process commenced with an opening bid of $4 million, followed by swift increments of $200,000 and $100,000, with an occasional $50,000 thrown in. Ultimately, an online bidder secured the apartment with a final bid of $100,000.
Describing the auction and its outcome as “unbelievable,” Mr. Moore emphasized the unique appeal of the property. He remarked, “For a dilapidated apartment to sell like that was just amazing. As an auctioneer, there are situations where you don’t need to push too hard, and this was one of them. People just wanted it. There are building works to be done, a full renovation. The buyer was literally paying for the location and that view.”
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Raine & Horne – Double Bay selling principal Ric Serrao revealed that the purchaser acquired the property for their adult children to reside in. He expressed satisfaction with the sale, stating, “It’s always good when you can get $3.1 million over reserve. It was a unique property; the views were sensational.”
What a location, what a view.
SOURCE: NEWS.COM.AU