Expat secures historic Bellevue Hill Estate for $21M in intense auction battle
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In a thrilling private auction that captivated Sydney’s elite property market, a stunning Bellevue Hill estate has changed hands for an eye-watering $21,076,000. The sale of the property at 41 Drumalbyn Rd, known as ‘Fernlee’, exceeded expectations by a staggering $6 million above its latest price guide, illustrating the ongoing allure of Sydney’s prestigious real estate.
The historic four-bedroom estate, dating back to the 1930s, was the focus of intense interest, with 19 registered bidders vying for ownership. Situated on an elevated 930-square-metre block, the property boasts breathtaking harbour views, making it a coveted piece of real estate in one of Sydney’s most desirable suburbs.
Initially brought to market by Laing + Simmons Double Bay’s Steven Zoellner, the property had a price guide of $13 million to $14.3 million. However, after receiving two offers, the guide was revised to $15 million just 10 days before the auction. The final sale price of $21,076,000 underscores the fierce competition and high demand for homes with unique character and prime locations.
The successful buyer, represented by prominent buyer’s agent Simon Cohen, is understood to be an expatriate currently residing overseas. Despite being approached for comment, Cohen remained tight-lipped about the identity of his client. However, sources close to the sale revealed that the buyer was drawn to the property’s old-world charm, high ceilings, spacious rooms, and, most importantly, its unparalleled harbour views.
Auctioneer Jake Moore of Cooleys conducted the heated auction, which opened at $16 million and saw rapid bidding increments of $500,000 up to the $20 million mark. As the auction progressed, the increments narrowed to $1,000, reflecting the intense determination of the remaining bidders. Ultimately, four bidders pushed the price above the $20 million threshold, with just two remaining in the fray above $21 million. In total, the auction witnessed 38 bids before the hammer fell.
The underbidder was a local Bellevue Hill resident, highlighting the strong interest from both domestic and international buyers in securing prime Sydney real estate. Although the reserve price was not disclosed, Zoellner indicated that the property was always poised to sell from the opening bid of $16 million. According to attendees, the property was declared on the market at either $18 million or $19 million, marking the point when Simon Cohen’s client made their decisive move.
The sale of ‘Fernlee’ marks the end of an era for the family of Katherine Tang Yiu, who, along with her late husband Robert, purchased the property in 1990 for $2.3 million. Katherine, who passed away last July at the age of 91, had moved out of the property six years prior, leaving the house unoccupied. Her niece, Cho-Wai Cheung, paid tribute to her aunt’s grace, resilience, and passion for Chinese history and antiques, which were reflected in the home’s furnishings and decor.
The estate also holds historical significance, having been owned by Ulisse Pellegrini, a managing director of Pellegrini and Co, a firm renowned for supplying religious items to Catholic institutions. Pellegrini, who was awarded the Papal Knighthood of St Gregory in 1947, purchased the home in 1931 and was noted for his connections to the Vatican.
With its period charm and grand proportions, ‘Fernlee’ is expected to undergo renovations, particularly in its large kitchen, to suit the tastes of its new owner. The sale exemplifies the enduring appeal of Bellevue Hill, where historical significance, architectural elegance, and stunning vistas combine to create some of Sydney’s most sought-after homes.
As the Sydney property market continues to demonstrate resilience and robust demand, particularly in high-end sectors, sales like this one highlight the city’s status as a premier destination for luxury real estate. The auction of 41 Drumalbyn Rd is a testament to the timeless allure of properties that blend historical charm with modern potential, ensuring their place in the annals of Sydney’s prestigious real estate transactions.