Grollos sell 17 Mt Buller properties for a combined $2.9m at mega-auction

AN AVALANCHE of Mt Buller properties have been sold at discounted prices by the Grollo family.

Mt Buller

AN AVALANCHE of Mt Buller properties have been sold at discounted prices by the Grollo family.

In a veritable snow-storm of auctions held today 17 properties were sold at auction for a combined total of $2.9 million.

Further sales after the auction, including the sale of a penthouse apartment at the mountain's Chalet Hotel believed to have gone for about $1 million, have since carried the figure higher than $4.1 million.

Families of snow-lovers were also in the mix, buying themselves a slice of the mountain or apartment getaways.
Meanwhile one undisclosed buyer bought the Stables Chalet for $980,000.

With four bedrooms, three bathrooms, off street parking and ski-in and ski-out access to the slopes it sold for less than it's replacement value.

Two vacant lots of land in the nearby Sawmill Settlement sold for $45,001 and were the cheapest buys of the day.
Martin Ansell, selling on behalf of the Grollo family, said the sales were a bid to free up capital to reinvest in the mountain.

"Now we can move on and spend the money where we need to spend it,'' Mr Ansell said.

"We can use that in other areas on the mountain.''

Speaking about the sale of the Chalet Mr Ansell joked that he needed a drink, but added it was a great buy for the new owner.

"The person who has bought has got themselves a river of a deal that's never going to be seen again on Mt Buller,'' he said.

"You can't replace it for that much.''

But despite the discount prices the Grollo family, who have further significant holdings on the mountain including hotel and ski lift interests, were happy with the sales, and indicated proceeds would be reinvested in the mountain with future snow making a key consideration.

"The market determines where the value is and at the end of the day we are going to listen,'' Mr Ansell said.
Among those to buy themselves an apartment on the mountain was Rick Kielbaska.

The 60-year-old from Templestowe said with a family of six skiiers and snowboarders the purchase on the mountain was going to be popular.

"It's not going to be rented... (it's) for family get togethers and to bond with the kids,'' Mr Kielbaska said.

A skiier since he was a youth in the 70s the chartered accountant has spent a lot of time on Mt Buller and was thrilled the properties had become available.

"I'd like to thank Rino Grollo for the opportunity to buy - obviously he is making a loss on the whole thing and I'd like to show my appreciation,'' Mr Kielbaska said.

His son, Damian, 21, was also at the auction and admitted he had paid close attention to the property while working on the mountain over the last ski season.

Sharon and Wayne Harris bought a block of land on the mountain and intend to build a weekend retreat for their own family of keen skiiers, fishers and four-wheel-drivers.

"We go up their regularly and have friends with a place up there - it's great for hiking in summer and the price was pretty reasonable,'' Ms Harris said.

Auctioneer John Castran periodically goaded buyers and accepted bids of as little as $1 at times, and even convinced the Grollo family to cut a few thousand from the reserve price of the last block of land sold.

On the verge of passing a two bedroom unit in on a vendor's bid of $180,000 Mr Castran joked "make it $170, then, we're not proud'' before eventually taking a bid of $160,000 to start bids rolling.

A woman who bought the first property auctioned, a one bedroom and one bathroom apartment, for $150,000 nearly regretted the purchase as subsequent apartments sold for as little as $120,000 - but after the auction was able to swap the sale to a two bedroom unit that had been passed in.

A stringent 60-day settlement period may have also stopped the family securing a higher price for the chalet with a couple placing bids dropping out of the race shortly after a mid-auction inquiry if a longer settlement could be negotiated.

Speaking afterwards the couple claimed to have offered $1.05 million for the Chalet ahead of the auction, though Mr Ansell denied any formal offers had been received.

One more apartment and two blocks of land remain for sale.