Rundown Rose Bay mansion sells for 10,000 percent profit
<p dir="ltr">A crumbling mansion last sold in 1974 has gone under the hammer, selling for a 10,000 percent profit.</p><p dir="ltr">Despite sorely needing a paint job, its dilapidated roof, and <a href="https://www.realestate.com.au/sold/property-house-nsw-rose+bay-138314474" target="_blank" rel="noopener">a lack of interior photos</a> due to the state it was in, the property in Sydney’s Rose Bay was one of Sydney’s biggest auctions this year.</p><p dir="ltr">Its sky-high final price of $16.5 million can be attributed to its priceless 180-degree views of the city skyline, including the Harbour Bridge and Opera House.</p><p dir="ltr">The house was purchased by company director Norman Barrett in 1974 for $153,000, who died at 84, according to a death notice from last year.</p><p dir="ltr">The notice described him as the “loving father of Duncan and Amelia”, who he shared with the late actress Carmen Duncan.</p><p dir="ltr">Due to a caveat on the title, Duncan and Amelia stand to benefit from the property’s sale.</p><p dir="ltr">With nine registered parties and four competing in the sale, bidding opened at $12 million and jumped by increments of $100-200,000.</p><p dir="ltr">The new owner will build a new home on the 744 square-metre block to take advantage of the views, as reported by <em><a href="https://www.realestate.com.au/news/rose-bays-crumbling-mansion-that-last-traded-for-153000-sells-for-165m-at-hot-auction/" target="_blank" rel="noopener">Realestate.com.au</a></em>.</p><p dir="ltr"><em>Images: Realestate.com.au</em></p>
