Unholy row at Abbey as hammer falls for $4.86m

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This was published 14 years ago

Unholy row at Abbey as hammer falls for $4.86m

By SAMANTHA DAY

THE Abbey, one of Sydney's landmark Gothic buildings, sold for a record $4.86million at auction yesterday.

About 200 people crowded into the grounds on Johnston Street, Annandale to watch the tension-charged auction of the 50-room home, built in 1881 by the mayor of Sydney, architect John Young.

Ripe for restoration ... the Abbey, on the market for the first time in 50 years, attracted a crowd of 200 at yesterday’s auction. Right, the winning bidder.

Ripe for restoration ... the Abbey, on the market for the first time in 50 years, attracted a crowd of 200 at yesterday’s auction. Right, the winning bidder.

Selling agent Simon Pilcher of McGrath Real Estate was hoping to get $5million for the family of deceased owner Dr Geoffrey Davis.

The heritage-listed home, modelled on a Scottish manor house and complete with stables, guesthouse, a chapel and servants' quarters, had fallen into disrepair after his death last year.

Auctioneer Scott Kennedy-Green had a tricky time handling a clutch of excitable bidders.

The auction almost descended into bad-tempered acrimony when Mr Kennedy-Green was heckled for refusing to accept a rise in bidding of $20,000, saying it was too low, when the price hit the $4.3million mark.

There was further disruption later when a potential buyer starting making bids in $1000 and $2000 increments.

Post-auction Mr Kennedy-Green said the bidding tactics were "distasteful". "Essentially this bidder used stalling tactics and low bids to disrupt proceedings. It's not the way to buy property and certainly a less-than-savoury way to bid on such a magnificent piece of real estate.”

At $4,445,000 Mr Kennedy-Green made it clear the property was "on the market". Bids continued in small increments until the hammer fell.

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The buyers, who did not want to be identified, were an inner west family hoping to move in and restore the property.

The $4.86million selling price was a record for Annandale, exceeding the $3.35million paid in 2007 for Kenilworth, which was also built by John Young.

Yesterday Prime Minister Kevin Rudd warned homebuyers that policies by the Government or the Reserve Bank could only do so much to help them buy a home. He said they should check long-term affordability and howinterest rates behave over time before making their decision.

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