Unfinished Farnborough mansion sells for $2.86M
AN INCOMPLETE mansion boasting exquisite 360-degree views on 620 acres sold for a record price of $2.86 million at auction at the weekend.
The Farnborough Road property was listed for sale in late January, promising a blue-chip property and perfect grazing opportunities.
Auction day for the seven-bedroom mansion attracted large numbers, RMW principal agent Rory Wex said.
“It was attended by nearly 60 people who had previously visited the property’s open day,” Mr Wex said.
“On the day we had 15 registered bidders and three active ones, with a bidding starting price of $1.5M.”
What ensued was a down-to-the-minute bidding war, leaving two buyers to fight it out right up until the gavel dropped.
“We’re absolutely ecstatic with the result, we’ve had four from four with our auctions so far this year, with another one this weekend so we’re really happy,” Mr Wex said.
“It was a pretty iconic property for the Farnborough area and Capricorn Coast to have 620 acres so close to Yeppoon and the beach.”
While the property is only partially finished and requires electrical, plumbing and flooring work, Mr Wex said great interested had been shown in the lead up to auction day.
“Over 100 groups came through in the five weeks we had it, which is huge numbers,” he said.
“ A lot of them were underbidders or people interested in rural land, particularly in properties 100 acres and over.”
Mr Wex said the property’s demand could be credited to the well thought-out use of the 1661 sq m home which included a large balcony and entertainment area, six-car garage space and six bathrooms.
While the record sale was a first for the RMW Property Agents, the team always held high hopes for a mammoth sale.
“We were impressed with the result and thought the property was absolutely worth that amount, we just weren’t sure if it would go that way on the day,” Mr Wex said.
He noted property auctions were becoming increasingly popular among buyers, adding that sale conditions in the area seemed to be a big drawcard for many.
“We’re noticing the confidence for people purchasing under auction terms and conditions has really improved,” Mr Wex said.
“We’re trying to make it as easy as possible for buyers to purchase under them.
“It’s a really good time to be selling as well.
“There’s a big number of buyers looking for rural property, so if anybody is looking to sell get in touch, we’ve really built a strong database.”