A red-stickered home in Thornton Bay sold for $375,000 at auction on October 28, a drastic mark-up from the reserve price of just $1 and well above the agent’s initial appraisal of $150,000 – $350,000.
The home, formerly owned by 95-year-old Dennis Raines, was put up for auction after a slip rendered it uninhabitable in January. According to Quotable Value’s website, the estimated market valuation of the property was previously $790,000.
Family members earlier told The Profile they were keen to wash their hands of the home and help Dennis move on from the experience, and Dennis’ son Neil said they just wanted closure.
Dennis has since moved to Thames township, and while he missed the sea views Neil said they were happy he was now living in a more manageable situation.
“He’s got a great little unit [now],” Neil said.
“It’s a little two bedroom unit that’s right in the heart of town and it’s really nicely refurbished.”
The auction was hotly contested, with 43 registered bidders casting a total of 40 bids.
The successful bidder, a Hikuai resident, told Harcourts agent Steven Bridson they planned to clear the site and park a motorhome or caravan on it, and would eventually build a home on the site.
