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32A Pacific St, Watsons Bay, which has extraordinary harbour views, passed in on a vendor bid of $37m. There’d been hopes of $50m in April.
Three bidders fought up to record-breaking $34m for a billionaire’s waterfront that went under the hammer at a secret Sydney auction on Thursday.
If $34m had been acceptable to the vendor, it would have set a new Australian record for a house sold under the hammer.
The six-bedroom Pacific St, Watsons Bay residence — owned by Gee Soon Low of the billionaire Malaysian family behind well-known developer Low Yat Group — passed in on a vendor bid of $37m at the Double Bay auction, but there has been “significant movement” above $34m in private negotiations since then.
It’s understood he was selling up because he was based overseas and rarely used it.
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The incredible three-level waterfront home comes with a private boathouse with a kitchenette, a jetty and boat ramp.
The street view of the Pacific St home.
When the property first hit the market in April there were hopes of $50m, but when it resurfaced in August there was an auction guide of $35m.
Details of today’s auction have been kept under wraps by the sales agents, Steven Zoellner of Laing + Simmons Double Bay and Michael Pallier of Sotheby’s International and Cooley’s auctioneer Jake Moore.
But separate sources, speaking on the condition of anonymity, have told the Wentworth Courier tonight that there were four registered parties, with three competing from $33m.
Those parties made $100k bids all the way up to $34m, before the vendor bid of $37m.
It’s not known what the reserve is, though it’s known that Soon, the youngest son of the late property magnate Tan Ri Low Yow Chuan, often called the Malaysian father of tourism, has lowered his expectations considerably from his initial $50m hopes.
Though not confirmed, it’s suspected the reserve was $40m.
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Enjoy city skyline views while dining.
The huge master suite also looks out over the harbour and city skyline.
Sources said it was significant in the current market that there were three parties competing at such a high level.
The current Australian record is believed to be $25.05m for 77 Bower St, Manly, which sold in May last year via Anthony Calacoci of Belle Property Manly.
At the time of the Watsons Bay home appearing as the Wentworth Courier House of the Week in August, Zoellner said: “This is the best location in Watsons Bay with only one neighbour, exceptional views across to the city and a big water frontage.”
The last time the coveted Pacific St cul de sac site traded was in 1994, when it sold for $2.7m.
Since then, the six-bedroom house was completely rebuilt, and construction was completed in 2017.
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The 850sq m harbour front block with private jetty sits adjacent to Green Point Reserve at the tip of the leafy Watsons Bay headland and is also positioned only 100m from Camp Cove Beach.
A contemporary trophy home, the three-storey residence has sophisticated interiors and a choice of entertaining areas for large-scale gatherings with multiple living areas and several sweeping terraces.
A constant companion from almost every corner of the house, the blockbuster view captures the iconic city skyline, the lush greenery hiding Taronga Zoo, and Sydney Harbour Bridge also makes an appearance over the trees.
Water views from almost every room.
Down on the water’s edge, beyond the established garden and lawns, there is a private boathouse with a kitchenette, a jetty and boat ramp.
Additional waterfront mansion features include ducted air-conditioning, a video intercom, internal lift, a double lock up garage and a secure gated driveway with covered off-street parking for two more vehicles.
The house is a short walk to Watsons Bay’s famous eateries and the wharf.