The Darling Point apartment sells for $10.095 million, which is $1.5 million higher than the reserve price of the online auction

The Darling Point penthouse was sold for $10,095,000, which is $1.5 million above the reserve price, which is considered an online auction record.

The three-bedroom apartment is located at 1/21 Yalanabo Road -Owned by the late John Oakley-attracted six registered parties and they all participated.

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“This just shows that online auctions have not deterred people’s interest in high-quality real estate,” said Julian Hasemer, a sales agent and co-head of Ist City.

Auctioneer Jack Moore presided over the auction in Damian Curry’s Double Bay Room on Tuesday night. The bid was 7 million U.S. dollars and increased to 9.5 million U.S. dollars in increments of 100,000 U.S. dollars.

The bid was then reduced to US$10,000, and the local empty nest buyer obtained the property with a bid of US$5,000.

The penthouse spans the top two floors of the iconic Ken Woolley-designed five-unit complex “The Bay Terraces”.

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“It sells for $8.5 million on the market, but the seller will be satisfied with anything that has an 8 in front,” Hasemer said.

Since the beginning of the campaign, he has been directing $8 million.

The last time this apartment was sold for US$1.25 million was in 1987. It has been 10 years since no one has moved in. Hasemer estimates that the new owner will spend about US$2 million on renovations.

But those who are keen can clearly see the potential of this rare product, which spans the first two floors of the iconic Ken Woolley-designed five-unit complex “The Bay Terraces”.

A huge terrace creates a natural extension of the living area.

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The building is highly sought after for its park-side location and stunning harbour views, private swimming pool and spacious terraces.

The apartment is one of five apartments in the complex, with a living area of ​​more than 400 square meters.

A huge terrace creates a natural extension of the living area, with bedroom suites on the upper level open outdoors, and a home office or media room on the lower level.

The broker expects the new owner to spend US$2 million for the renovation.

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It is equipped with a private swimming pool.

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It also has horizontal access to the double garage, private swimming pool and double frontage with direct access to the front beach.

Last month, Hasemer also sold a two-story penthouse across the road for $16.8 million, breaking the record for Darling Point Apartments.

He collaborated with Luke Hayes of Venture Property to sell a 253 square meter (internal) apartment at 3/22 Yarranabbe Road, which is located in the upcoming exclusive three-story building designed by PopovBass.