A defective Remuera mansion at the centre of a long-running legal dispute sold under the hammer today for $3.69 million.
The sale of the five-bedroom home on Orakei Road had been ordered by the High Court, with the listing agents Gary, Sam and Andrew Wallace stating in their advertising that the property must be sold.
Gary Wallace told OneRoof yesterday that interest in the property had been high, resulting in eight people registering to bid at Wednesday’s auction.
“One or two people were suggesting they might keep the house, but the majority I believe were looking to demolish and build.
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“It’s a prominent site on Orakei Road, but the house had a lot of unconsented work, there was no CCC, it was in a state of disrepair with a lot of issues. We made that very clear to buyers.”
Bidding opened at $2m and quickly barreled towards its CV of $4.1m. The property was announced on the market at $3.375m, with a total of 50 bids made over the 10-minute-long auction.
Wallace had expected the price to reach the land value of the property – which was $2.75m on the CV.
The double grammar school zone property last changed hands in 2003 for $760,000.
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“It should find its value. We were focused on getting buyers through and keeping it professional, and we’ve done that,” Wallace told OneRoof yesterday.
The sale comes exactly three years after the property was put up for auction as a mortgagee sale. Back then buyers were unable to see inside the property, but this time around they were able to tour the home.
Wallace, who also listed the mortgagee sale in 2020, said in his new marketing that the five-bedroom home had been renovated in 2005, and that it captured the sun and came with an outdoor pool.
The five-bedroom Orakei Road home had last been renovated in 2005, but some unconsented work meant it had no CCC. Photo / Supplied
Buyers were drawn to the prominent site on a good street in Remuera. Photo / Supplied
Listing photos on OneRoof show the house is somewhat dated and that the rooms have been emptied of furniture.
OneRoof understands the property has been at the centre of a long-running legal dispute.
While the mortgagee auction in 2020 did not go ahead, the receivership sale ordered by the High Court last month states that the house go under the hammer on September 20. OneRoof understands the parties involved in the abandoned mortgagee sale are tied to the court-ordered sale this month.
The grounds of the home had not been refurbished for some time. Photo / Supplied
Back in 2020, Wallace told OneRoof he had been denied entry to the property after he was appointed the listing agent by Bayleys’ mortgagee division. “We’ve been denied access so I’ve never even been on the property,” he said.
Buyers were encouraged to do their own due diligence as best they could. “You can stand on the street and look at the house but what you see is what you get, because that’s all I’ve been able to do.”
While court-ordered sales are rare in Auckland, one did make the headlines in March this year. A four-bedroom townhouse on Hill Street, in Onehunga, that was offered up for auction as a result of a high court ruling, sold under the hammer for $70,000 - less than a tenth of its 2021 CV.
- Click here to see more houses for sale in Remuera
