A 1920s beach shack has sold for a whopping $7.55 million after a fierce auction saw the property go for almost $1 million more than expected.
The North Bondi home, a nondescript residence in the exclusive Ben Buckler neighbourhood, was listed with a price guide topping out a $6.6 million.
Three bidders then battled it out for the large 398 square metre block, moving up in $100,000 installments from a bold opening bid of $6.1 million.
A 1920s beach shack (pictured) has sold for a whopping $7.55 million after a fierce auction saw the property sell for almost $1 million more than expected
![The North Bondi home, a nondescript residence in the exclusive Ben Buckler neighbourhood (pictured), was listed with a price guide topping out a $6.6 million](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EAD900000578-5138937-The_North_Bondi_home_a_nondescript_residence_in_the_exclusive_Be-m-40_1512214951933.jpg)
The North Bondi home, a nondescript residence in the exclusive Ben Buckler neighbourhood (pictured), was listed with a price guide topping out a $6.6 million
The victorious buyer – who intends to move up to Sydney from Melbourne with his family – will demolish the aging home, Realestate.com.au reported.
The new owners will build a multi-million dollar mansion on the elevated block, taking advantage of Bondi Beach views.
McGrath agent Peter Starr said the sale broke the record for ‘land-value’ sales in Bondi.
The three-bedroom shack was built in the 1920s, and one of the last remaining original homes in the area.
![Three bidders then battled it out for the large 398 square metre block (pictured), moving up in $100,000 installments from a bold opening bid of $6.1million](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EAF300000578-5138937-Three_bidders_then_battled_it_out_for_the_large_398_square_metre-m-39_1512214929717.jpg)
Three bidders then battled it out for the large 398 square metre block (pictured), moving up in $100,000 installments from a bold opening bid of $6.1million
![The new owners will build a multi-million dollar mansion on the elevated block, taking advantage of Bondi Beach views from the backyard (pictured)](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EAFD00000578-5138937-The_new_owners_will_build_a_multi_million_dollar_mansion_on_the_-m-38_1512214907302.jpg)
The new owners will build a multi-million dollar mansion on the elevated block, taking advantage of Bondi Beach views from the backyard (pictured)
Marketed as a opportunity to create a dream home in an exclusive location, the shack had beach views from the backyard.
Nestled between two much larger clifftop palaces, the residence was well-maintained by unlikely to be left with potential untapped.
Ben Buckler is one of Sydney’s most sought-after enclaves, named after the Ben Buckler Gun Battery which was located on the point jutting out of North Bondi.
![Marketed as a opportunity to create a dream home in an exclusive location, the shack had Bondi Beach views from the backyard (pictured)](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EAE100000578-5138937-Marketed_as_a_opportunity_to_create_a_dream_home_in_an_exclusive-m-37_1512214887705.jpg)
Marketed as a opportunity to create a dream home in an exclusive location, the shack had Bondi Beach views from the backyard (pictured)
![Nestled between two much larger clifftop palaces (pictured), the residence was well-maintained by unlikely to be left with potential untapped](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EB0500000578-5138937-Nestled_between_two_much_larger_clifftop_palaces_pictured_the_re-m-36_1512214825027.jpg)
Nestled between two much larger clifftop palaces (pictured), the residence was well-maintained by unlikely to be left with potential untapped
There are several stories behind the locality’s namesake, some saying Ben Buckler was a convict, some saying he was a bushranger, and some saying the name was arrived from its Aboriginal place name – Benbuckalong.
Saturday’s sale was one of 543 auctions cleared out of 886, giving a clearance rate 5.47 per cent lower than last Saturday, according to Corelogic.
The home last sold for $3.15million in 2006, and in 1985 changed hands for just $148,000.
![Ben Buckler (pictured) is one of Sydney's most sought-after enclaves, named after the Ben Buckler Gun Battery which was located on the point jutting out of North Bondi](https://i.dailymail.co.uk/i/pix/2017/12/02/11/46E7EB0100000578-5138937-Ben_Buckler_pictured_is_one_of_Sydney_s_most_sought_after_enclav-m-35_1512214803601.jpg)
Ben Buckler (pictured) is one of Sydney’s most sought-after enclaves, named after the Ben Buckler Gun Battery which was located on the point jutting out of North Bondi