Historic home misses at auction
SATURDAY'S Rathgar House auction in South Grafton was unsuccessful, with the market unable to come up with a price for the Victorian coffee house and bed and breakfast.
However, Ray White principal Daniel Kelly said interest presented itself after the auction because it was difficult to gauge the price of such a unique building.
"We had the expectation the bidding would start at $450,000," Mr Kelly said.
"A couple of parties made themselves known to us after the auction.
"Plenty of people phoned in and looked, but they sat on their hands on the day.
"Where it ends up now is what we will work at."
He said if a deal could not be reached with the two parties that expressed interest, the house would enter the market at a price.
Mr Kelly said the Rathgar House's historic value, and also the lack of Victorian seven-bedroom mansions in the area made it difficult to understand how much the building was worth.
He said the current owners had not skimped on restoration costs and put in quality carpet, curtains and timber to bring the mansion back to original condition.
"They have done very well to bring it back to original condition," Mr Kelly said.
He said the current owners paid $302,000 for the house.