Bondi Beach penthouse with cracks in the balcony and mold on the walls sells for a whopping $3 million above reserve price
A dilapidated, demolished property overlooking one of the world’s most iconic beaches has fetched millions of dollars more than its seller predicted at auction.
The four-bedroom penthouse located on 5/17 Wilga Street in Bondi Beach sold for $7.1 million on Saturday as cloudy skies and rain drowned out the view.
Auctioneers agreed on the final bid, which was $3.1 million above the reserve price.
It was the first time in more than thirty years that the estate had come to the market and still retained its original interior, including large cracks in the balcony concrete, peeling plaster and signs of rising damp on some walls.
Carpets in the property were destroyed and walls damaged, but the unobstructed panoramic views of Bondi Beach were as amazing as ever.
The four-bedroom penthouse, located at 5/17 Wilga Street in Bondi Beach, was purchased at auction on Saturday morning for $3.1 million above its reserve
The property had not been for sale for over 30 years and still had the original interiors which were dilapidated and worn.
An opening bid of $4 million was announced by Cooley auctioneer Jake Moore collected $200,000, $100,000 and $50,000 as seven of 15 registered bidders.
A final raise of $100,000 sealed the deal for an online bidder to complete the sale of the condo, which Moore said was “just incredible.”
‘The fact that a dilapidated apartment could be sold in this way was simply fantastic,” he said real estate.com.
‘As an auctioneer there are situations where you don’t have to push too hard and this was one of them… people just wanted it.
‘There is construction work going on, a complete renovation. The buyer literally paid for the place and the view.’
The buyer would have bought the property to live in it with his adult children, but it still requires a lot of work to make it habitable again.
The unobstructed view of Bondi Beach is visible from a cracked balcony with unsightly stains
The modest bathroom is a snapshot of the 1970s in which the apartment complex was built
Raine & Horne Double Bay sales director Ric Serrao said he had never seen anything so worn sell for such a high price.
Mr. Serrao did admit that it was difficult to price properties with views, but that he knew it would go well when more than 320 people inquired.
The building is a ’boutique block’ of five apartments, built in 1972, with apartment 5 soon to undergo a $1 million renovation..
Patchy yellow carpets lie throughout the building beneath several low-hanging chandeliers
Peeling plaster and mold were seen on the walls surrounding the four-bedroom home, which will soon undergo a $1 million renovation