Australian termite house sold for $800,000By IANS
Sunday, February 6, 2011
SYDNEY - An unliveable and termite-infested two-bedroom house here was sold for $800,000 — $150,000 above the reserve price.
Over 100 people turned out to witness the bidding for the house with no floors in the inner-west suburb of Annandale, located five kilometers west of the main commercial centre of Sydney.
Led by celebrity auctioneer traffic reporter Vic Lorusso, five serious bidders competed intensely making bids in increments of $20,000, news.com.au reported Sunday.
The winning bidder, Patrick (who declined to give his surname), admitted he would have to spend $120,000 to make the property remotely liveable.
“It will cost us at least $120,000 for the structural renovation and the rest depends on how we decide to fit it out,” he said. “All up it will definitely cost us more than $1 million.”
The property had been lying empty for eight years — in ruined state.