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An unfinished mansion with panoramic ocean views built by Wollongong businessman John Kosseris at Kiama on the NSW south coast has been sold at auction by Ray White Kiama for $1.32 million.
The 5000 sqm building with seven bedrooms at 71 Fig Lane, Minnamurra, was sold under the hammer to horse breeder Tony Peterson by Ray White Kiama Director Michele Lay.
Mr Kosseris started building the palatial estate a decade ago but his company went into administration and the property was bought by a consortium of Illawarra businessmen from St George Bank for an undisclosed sum.
They proceeded to spend $285,000 on the rundown building, which had been vandalised and used as a skate park, to clean up the site and prepare it for sale.
Ms Lay said Ray White Kiama’s marketing campaign for the property attracted more than 250 inquiries and there were 35 separate group inspections and 18 contracts issued.
She said the auction last night at the Sebel Harbourside, Kiama, attracted three registered bidders before selling under the hammer to Mr Peterson, who has previously sold heritage-listed mansion Jenner House at Potts Point in Sydney for $15 million.
“Mr Petersen intends to fully restore 71 Fig Lane and use it as his private south coast getaway,” Ms Lay said. “This is a landmark property in the Illawarra region as it boasts 360 degree views of the Pacific Ocean, the Minnamurra River and the hinterland.
“The land area is approximately 39.44ha and there’s approximately 3.06km of river frontage.”
