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30 Plunkett Rd, Mosman, sold for $16.3m under the hammer today.
A Balmoral home has sold for $16.3m, $1.8m above price guide and the highest result ever under the hammer in Mosman.
At a packed auction, the long-held home of the late Dr Harold Bell, and his wife Dr Pamela Bell, both honoured in their respective fields of economics and fine arts, at 30 Plunkett Rd attracted eight registered bidders with four active parties.
The sales agent, Stefon Bertram of Pello, had been guiding $14.5m for the five-bedroom home on an 851sqm block in one of Balmoral’s most sought-after streets, on the market for the first time since the Bells bought it in 1963.
The result was a whopping $555,000 over the reserve.
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He said the campaign had attracted some high-profile parties, but refused to be drawn on the individuals involved.
But it’s known there was a phone bidder from California’s Silicon Valley and other sources at the auction spotted David Harrison, CEO of Charter Hall, opening the bidding at $11m.
Auctioneer Ed Riley knocked back the next bidder, who offered $100,000, with the bids then rising in $500,000 and $250,000 increments.
There were $50,000 rises from $14.5m and it was called onto the market at $15.75m and then sold at $16.3m.
When contacted, Bertram said the strong result showed: “Quality and bluechip property outperforms, even in this market.
The home is in original condition.
“With the right strategy, you can still get incredible results.”
In the end, neither Harrison or the high-profile phone bidder were the successful purchasers.
The home went to a local Mosman buyer.
Riley said it was an exciting auction.
“In parts it was, any auction at that level is exciting and we had four active parties,” he said.
“But this was a once in a generation opportunity a stone’s throw to Balmoral Beach.
“All you need to do is walk up and down the street and see the the company that surrounds you.
“I’d be pretty certain that someone will knock this down and rebuild and do very well in a few years’ time.”
The buyers will probably knock the existing home down.
The $16.3 result smashes the previous under the hammer record of $11.95m, set in 2016 for a modernist homes on the Balmoral slopes, owned by retired engineer Derry Hill, at 21 Kirkoswald Ave.
That was a seven-bedroom home on a 2215sqm block.
The strong result caps off a strong launch year for Pello, with this the 140th sale for the financial year across its three offices in Mosman, Wahroonga and Gladesville.
And it follows the arrival of Rob Fearnley, a former McGrath executive, as the group’s CEO.
This will allow Bertram to focus on the prestige sector: homes north of $7m.
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