Rundown Rose Bay mansion sells for 10,000 percent profit
A crumbling mansion last sold in 1974 has gone under the hammer, selling for a 10,000 percent profit.
Despite sorely needing a paint job, its dilapidated roof, and a lack of interior photos due to the state it was in, the property in Sydney’s Rose Bay was one of Sydney’s biggest auctions this year.
Its sky-high final price of $16.5 million can be attributed to its priceless 180-degree views of the city skyline, including the Harbour Bridge and Opera House.
The house was purchased by company director Norman Barrett in 1974 for $153,000, who died at 84, according to a death notice from last year.
The notice described him as the “loving father of Duncan and Amelia”, who he shared with the late actress Carmen Duncan.
Due to a caveat on the title, Duncan and Amelia stand to benefit from the property’s sale.
With nine registered parties and four competing in the sale, bidding opened at $12 million and jumped by increments of $100-200,000.
The new owner will build a new home on the 744 square-metre block to take advantage of the views, as reported by Realestate.com.au.
Images: Realestate.com.au