Unfinished mansion near Kiama sells for $1.32 million
It can’t be locked up and there are no windows or floor coverings, but this unfinished mansion still scored $1.32 million under the hammer last night.
The elaborate building site has panoramic ocean views from its 5000sq m block on the outskirts of Kiama and sits next door to the infamous Dunmore House, a reportedly haunted homestead that dates back to the 1860s.
The yet to be completed Minnamurra mansion on Fig Ln was started by Wollongong-based businessman John Kosseris a decade ago but was abandoned when his company went into administration a few years later.
The prestige project was then snapped up by a consortium of Illawarra businessmen from St George Bank for an undisclosed sum.
The group spent $285,000 on the rundown building in the hopes of turning it into an eco-friendly tourist spot. Prior to their purchase the estate had been vandalised with graffiti and even used as a skate park by locals.
After a split in the consortium, the unmade mansion was put back on the market and at auction last night the reigns were passed over horse breeder Tony Peterson.
No stranger to prestige property himself, Mr Peterson is the former owner of the heritage-listed Jenner House in Potts Point which he sold for $15 million in 2009.
He had bought the city-fringe home for just $2.275 million from the department of defence in 1998.
Ray White Kiama director, Michele Lay, said more than 250 inquiries had flooded in during her marketing campaign during which she showed 35 separate groups through the address and issued 18 contracts of sale.
She said Mr Peterson intended to fully restore 71 Fig Ln over the next two years and use it as his private south coast getaway.
“It is an incredible property with a lot of potential. In 17 years of working in local real estate, I’ve never seen a house like that one in my entire career. I’m sure it’s going to be a great property when it’s finished,” she said.
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