A father from Castle Bay (Castle Cove) bought a house in Sydney's Red Square for A $one million three hundred and twenty five thousand nine hundred and ninety nine for his 20-something children.
A father from Castle Bay (Castle Cove) sold a $one million three hundred and twenty five thousand nine hundred and ninety nine (Redfern) property for his 20-something children in Sydney, according to real estate website Realestate. The house used to be a brothel.
It is reported that the large row house is located at 124 George Street, formerly used as a brothel. The two-story property has five bedrooms, two upstairs with a hot tub, one with a shower and some mirrors. The lounge, which used to be a brothel office, was special, with a safe hidden on the floor.
The property was auctioned on Saturday with an initial retention price of A $1.4 million.
The young couple never bid at the auction. (photo of property website Realestate)
However, only two buyers registered and only one of them offered A $1.2 million at the auction. The intended buyer was a father. The other side is a young couple who never bid.
In the end, the property was sold for sale.
To close the deal, the realtor persuaded sellers to cut the retention price to A $1.35 million.
At this point, the father who bid at the auction found the opportunity to fight for a better price, and made another offer of A $1.25 million. The young couple were also encouraged to quote a price of A $1.26 million. Since then, both sides have gradually increased their prices by A $5000, A $1000 and A $2000. Sellers cut the reserve price again to A $1.3 million.
Eventually, the property was sold by the father for A $one million three hundred and twenty five thousand nine hundred and ninety nine. He plans to renovate the property and let his children move in.