Kaos Holdings chief investment manager Tim Hordern and his wife Victoria paid $10.1 million — $2 million above expectations — for the Bellevue Hill landmark ‘Cliff Hall’ at auction.
A huge crowd packed into the charming old lounge room — which had beautiful views of the harbour on one side and the ocean on the other — on the top floor of the circa 1916 treasure at 111 Victoria Rd.
Sotheby’s agent Harriet France had seven registered bidders, with five of them active.
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Bidding had opened at $7 million and rose in $100,000 increments, with buyer’s agent Simon Cohen’s client making an $800k knockout attempt at $7.2 million, taking it to $8 million.
But to no avail — the $100,000 bids kept on flying, with Mr Hordern, sitting on the couch with his wife, entering the competition at $8.8 million.
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Auctioneer David Scholes had encouraged the many international buyers present to grab that lucky bid, but, as the big offers continued, it was really no surprise that the cashed-up Mr Hordern emerged the winner.
The Horderns sold their Edgecliff Rd mansion for more than $15 million — the fourth-highest house sale in Woollahra — through the Agency’s Ben Collier — in March.
The buyers had been Stephen Burcher — the head of Burcher Property Group and his wife Melissa — who sold their Tivoli Rd, Rose Bay waterfront for more than $23.5 million in February, also through Mr Collier.
As the Wentworth Courier wrote exclusively in October, Cliff Hall was the longtime home of the late Rutti Excell and her daughter, Tanya.
It had an $8 million price guide, and Mr Scholes had called it onto the market at that point today.
The grand property on a 965 sqm block was converted into separate apartments in the 1950s, with the staircase removed.
Ms France and co-agent Peter Starr of Raine and Horne had thought the rare property would be bought by either an investor or a family who would convert it back into one grand residence.
An excited Mrs Hordern confirmed to the Wentworth Courier after the auction that they would be returning it to one large family home again.
Most of the period features are intact.
The three-bedroom, two-bathroom residence on the lower level has ornate high ceilings and spacious living areas opening to a garden and swimming pool.
The upper floor has four bedrooms and two bathrooms.
Rutti Excell, who passed away at the age of 89 last December, was a prolific bridge player who bought the incredible property for $770,000 in 1983.
Originally published as Kaos Holdings chief investment manager Tim Hordern pays $10.1m for Bellevue Hill landmark Cliff Hall
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