Linc Energy’s Peter Bond.BRW(NO CAPTION INFORMATION PROVIDED)A sprawling Brisbane estate has passed in at auction for less than it sold for almost a decade ago.
The extravagant Fig Tree Pocket mansion, owned by former Linc Energy boss Peter Bond, failed to sell at auction on Saturday, despite lengthy negotiations.
The seven-bedroom, nine-bathroom mansion passed in at $9.25 million, $250,000 short of what Mr Bond bought it for in 2008.
It was previously listed for sale last year with an asking price of $11.9 million but was withdrawn from the market.
The estate sits on 1.2 hectares of riverfront land, and boasts an indoor water feature, automatic doors, and double-story floor to ceiling windows looking out toward the river.
The home has been called “one of the most substantial properties in Brisbane” in the past.
Mr Bond said he was selling because he planned to leave Queensland, after Linc Energy collapsed in May last year.
Bidding started at $8 million. There were two bidders, and competition slowed at $9 million before eventually stopping at $9.25 million.
During about 30 minutes of negotiations, an agreement between Mr Bond and the buyers could not be reached.
“We wouldn’t have spent the time on it if the difference was cattle stations,” auctioneer Haesley Cush said. “To see bidding in Brisbane over eight million bucks is a wonderful sign for the Brisbane market.
“Most of those properties sell in a backroom somewhere, and rarely do you get open transparency at this end of the market.”
Ray White New Farm principal Matt Lancashire declined to comment, but said he would continue to work with the highest bidder. Related: Squash world champ’s beachfront home for saleRelated: Derelict Sydney home sells for $1.26 millionRelated: Tiny cottage in Melbourne sells for $1,175,000
Later on Saturday in Wooloowin, an old, rundown Queenslander built in the 1930s went to auction for the very first time.
“It was a family home of a lady who lived there her whole life,” Ray White Bridgeman Downs agent Sonya Treloar said. “She passed away and she left it to her son. He sold to a couple and they had a DA put on it to restore the whole home.”
A change in circumstances with the vendors’ business meant they had to sell the house with the plans in place, which attracted a lot of attention from buyers.
The auction kicked off with a bid of $700,000, but shot up as potential buyers started piling on. It was announced on the market shortly after passing $820,000, and eventually sold to Clayfield couple Scott and Mel Baker for $841,000.
“We’re pretty stoked,” Mr Baker said of the pair upsizing from an apartment.
While the couple weren’t looking for a property to renovate, they felt the old home was too good an opportunity to pass up.
“To be perfectly honest with you, we were chasing a finished house,” Mr Baker said. “My brother’s an architect and my dad’s a builder so we saw this house and the potential that it has and we saw those views and they were just spectacular. That’s what sold us.”
Mr Baker said he felt like it was meant to be. “It just so happened that our [price] limit is what we won it for. It’s a bit serendipitous, I guess you could say.”