A block of land smaller than three tennis courts and described as Australia's most expensive pile of rubble has sold for up to $24million.
That price works out to about $32,000 per square metre but the site on Sydney Harbour comes with some of the most spectacular views available in the city's eastern suburbs.
It is the only vacant block with development approval on the most exclusive residential street in Australia, which is one of the most expensive addresses in the world.
The 740 square metre site at 42 Wolseley Road, Point Piper, has now changed hands nine times in the past two decades and its new owner has not been identified.
Point Piper has just 1,400 residents and a property on the waterfront side of Wolseley Road rarely sells for less than $40million.
Selling agent Bill Malouf of LJ Hooker Double Bay would not comment on the final price or identity of the buyer but sources said it went for between $22million and $24million.
It could be Australia's most expensive pile of rubble: an abandoned block smaller than three tennis courts sold for up to $24million, or $32,000 per square metre. The 740 square metre site at 42 Wolseley Road, Point Piper, has changed hands nine times in the past two decades
The mystery owner of this parcel of harbourfront land in Sydney's eastern suburbs has sold one of the most spectacular urban views on the planet. It had a price guide of about $24million
'We've got stuff down there that we've sold at $60million and above so this is an attractive purchase, selling agent Bill Malouf said. 'There are properties there worth $100million... '
Mr Malouf had previously said while the land was currently a pile of green waste and dirt its potential was enormous.
'It is a bargain,' he told Daily Mail Australia in August. 'Your'e not going to get on this street under this sort of money.
'You'd have to say the median price of Wolseley Road is in excess of $40million. You don't even get a look in on the waterfront side for less than $40million plus.
'Everyone considers Wolseley Road as the most expensive street in Australia and it is.
'We've got stuff down there that we've sold at $60million and above so this is an attractive purchase. There are properties there worth $100million plus.'
Mr Malouf said the existing approved development application to build on the site made the property unique. 'It becomes an attractive buy.'
'If that was a brand new house finished on the marketplace we would be quoting in excess of $40million,' Mr Malouf said.
Because the land was vacant it could be bought by a foreign buyer but Mr Malouf had expected it be sold to someone local.
This land at 42 Wolseley Road in Point Piper is covered in rubble. It is the only vacant block with residential development approval on the most exclusive and expensive street in Australia
Selling agent Bill Malouf of LJ Hooker Double Bay agreed while the land was currently a pile of dirt its potential was enormous. 'It is a bargain,' Mr Malouf told Daily Mail Australia. 'You're not going to get on this street under this sort of money'. Houses here sell for $40million or more
Wolseley Road starts at New South Head Road and curves around Point Piper for a kilometre to a dead end above Lady Martins Beach.
Such is the attraction of the