Home bought for $780k sells for $22m at hot auction

The year was 1985, and the Michael J Fox classic Back to the Future had just been released.

It was also the year that Mark and Robyn Tzipris purchased a double-storey modernist home, directly opposite the Hermitage foreshore walk and Strickland House.

The six-bedroom residence at 33 Vaucluse Rd, Vaucluse, cost them $760,000, which was an enormous amount of money back then but wouldn’t even buy a bedsit in Sydney’s east these days.

No-one could have predicted that 40 years later, the same house, with its gobsmacking iconic views, could fetch a whopping $22,055,000 at last night’s in-rooms auction.

The result was well above the $20m price guide set by Ray White Double Bay’s Adam Reichman and principal Elliott Placks.

MORE:

Waterfront sells for biggest price of the year

The agents couldn’t be contacted, but sources who witnessed the auction said auctioneer James Keenan had three active bidders.

It kicked off at $19m, rose in $100k increments and was called onto the market at about $20m.

The home, which had three bathrooms and a double garage, is on 824sqm block.

When it was listed, Reichman told the Wentworth Courier: “It’s a once in a lifetime opportunity and the owners have loved living there.”

There’s an internal lift, harbour-facing balcony, quality granite kitchen, pool and an enormous rooftop that offers huge potential.

It was a big night for Reichman, who sold $29m in real estate in just three hours at the auctions.

He also sold a four-bedroom home at 147 O’Sullivan Rd, Bellevue Hillfor about $6.8m, the source recalled. The guide had been $6.5m.

MORE:

Rose Bay home sets national auction record

The post Home bought for $780k sells for $22m at hot auction appeared first on realestate.com.au.