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After going up for auction, the property managed to rake in millions despite its lack of basic essentials. The property only appears to have had a roof and a couple of walls, but someone saw potential in the home and took the opportunity to snap it up.
Sitting on a large 556-square-metre block, the property will likely be utilised by a developer to turn it into someone’s dream home.
It could also be used as a space to build an apartment block, meaning whoever purchased it will likely see a large return for their investment.
Located in Kensington, Sydney, it also offers the homeowner a stunning location with beautiful weather typical of the region.
Speaking to Domain, selling agent NG Farah’s Joe Recep said: “The roof wasn’t leaking after the recent rain we had, so it was still solid.”
Four bidders had registered for the auction, two of which were hoping to restore the original period home.
The people selling the property purchased it in 2005 for just £946,000 ($1.1m) with plans to restore it, but have since decided to sell it on.
It has been sitting empty for several years, with real estate agents reportedly being called numerous times by people interested in buying it.
The person who won the bid at the auction is planning to knock it down in its entirety and rebuild something new in its place.
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