The grand mansion at 1525 Riverdale Dr, Hope Island.
PRIVATE negotiations will begin this week on the sale of Harbour Point, the grand Hope Island mansion which was passed in at auction for on Saturday.
The sun was shining down on 1525 Riverdale Drive where more than 200 people turned out to see the fate of the largest land holding in the exclusive enclave.
Spectators and bidders gathered around the pool. Photo: Jason O’Brien
A strong local contingent gathered around the resort-style pool where auctioneer Colin Banks listed the virtues of the iconic estate.
“This is the largest block in the area,” he said.
“There are 11 entitlements, subject to council approval; it’s a whopping 4982 sqm property. The house is master built and has a 1815 sqm footprint.”
One of four registered bidders – all local – got the ball rolling at $4 million, with the auctioneer bidding $4.25m when no further offers were forthcoming.
“People have travelled over the border to be here — I can’t do anything to help you unless that hand goes up,” he beckoned.
Auctioneer Colin Banks passed the property in at $4.5 million. Photo: Jason O’Brien
The same bidder upped his original offer to $4.5m, still well short of the $9 million paid by the Chinese owners during the GFC in 2009.
“I know you’re going to test me here, but $4.5m isn’t going to buy it,” Mr Banks told the crowd.
“We’re not selling cattle or horses, we’re selling a mansion of a house.”
When the third and final call produced no further interest, the property was passed in and the auction wrapped up less than 10 minutes after it began.
The doors were open to the public for the first time in 18 years. Photo: Jason O’Brien
Professionals Vertullo Real Estate agent Mark Carew, who led the marketing campaign alongside Nikki Dunlop, said the result was a surprise given the level of interest.
“It’s been very positive,” he said.
“There are a number of interested parties who we will be speaking with this week.”
Mr Carew said the border closure and lockdowns prevented a serious Melbourne contender from attending the auction, which was conducted onsite only.
The campaign pivots to private treaty this week, with an anticipated price guide of $6.5m-$7.5m.
Gilt columns, decorative domes and ornate ballustrading dominate the interior.
The Mediterranean-style mansion was built by national car-warranty business owner Gary and Suzanne Chuck, who purchased the prime plot in 2001 for $2.1 million.
Long-time Riverdale Drive residents Daryl and Pam Sutherland, who attended the auction, recall dinner parties at the house during the Chuck’s tenure.
“There were chefs, waiters and sorbet between courses,” Mr Sutherland said.
“It was like being in a five-star hotel. Gary was a real character, it was always a lot of fun.”
Mr Sutherland said he was surprised to see the property passed in.
“I really thought the bidding would have started at $5m or $6m,” he said.
“I thought a wealthy celebrity might have bought it, like maybe Russell Crowe and his football team.”
The post Shock result as mega mansion goes under the hammer appeared first on realestate.com.au.