A crumbling house which onlookers labelled a “s**thole” has sold for an astonishing $4.6 million, £3.7 million.
The four-level terrace home in Darlinghurst, Australia, was listed for $3.6 million, £2.9 million, but took vendors by surprise when it was sold for more than £806,000, over the asking price.
The home was listed with roof damage so bad that many of the rooms had been cordoned off with danger tape.
But that didn’t deter buyers – more than 18 bidders were registered when it went to auction, and a crowd of over 100 people gathered to attend.
For the last three years the property has been left empty, but it is believed that the owner completed minimal maintenance over this period.
In a number of the rooms, including the bathroom and what appears to be the living room, the interiors walls had crumbled, with pieces of debris scattered across the floor.
The house boasts five to six bedrooms as well as two bathrooms and space for two cars, in the heart of a bustling neighbourhood.
The RealEstate site describes the house as a unique opportunity to transform it from it’s “bones of its four-level floor plan” to your dream home.
Jason Boon of Richardson and Wrench, who sold the property in conjunction with agent Shannan Whitney of BresicWhitney, said the auction put a temporary stop to traffic as people spread out across the street to watch the auction.
Gavin Croft, auctioneer, opened the bidding at $3.2 million, £2.5 million, but quickly withdrew it after another bidder offered the same amount.
Bit by bit the bidding increased by $100,000, £80,500, with nearly 20 bids in place.
The buyers were builders who beat the underbidder by just $100,000, £80,600.
Agent Jason said the renovation on the house would cost around $2 million, £1.6 million to transform it.
Jason told News.com.au : “I’m very surprised (at the price) but it’s such a rare property for this area. It has amazing potential.”
He also said that although it is difficult to estimate the final price of the property once the renovation is complete, looking at other houses on the same street, it’s likely to come in at around $8 million, almost £6.5 million.