Sydney’s ‘ultimate party’ home sells at auction for $5.65m

It’s been one of the most viewed auction listings in Australia – Sydney’s ultimate party house. See how the auction unfolded after an opening bid of $5m.

Sydney’s ultimate party pad – owned by the grandson of a pokie king – has sold for $5.65m.

It’s been one of the most viewed auction listings in Australia this week – Sydney’s ultimate party house.

Owned by Jackson Ainsworth, the grandson of pokie king Len Ainsworth, the house on Nelson St in Annandale attracted a large crowd at its auction Saturday morning with the hammer dropping at $5.65m.

Auctioneer, Ray White NSW chief executive officer Tim Snell, said the warehouse conversion was an award-winning design by Sam Crawford Architects and said buyers would be “the envy of their friends”.

The auction had people spread across both floors. Picture: Adam Yip

Auctioneer, Ray White NSW chief executive officer Tim Snell, dropped the hammer at $5.65m. Picture: Adam Yip

The warehouse was once a car workshop.

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The two registered bidders, a young man supported by his parents and a father with his young son, actively bid for the four bedroom warehouse.

The young man was keen from the start, opening the bidding at the home’s price guide of $5m, before the father jumped in at $5.1m.

From there increments jumped mainly by $10K until the auction was halted at $5.19m and the man was whisked away for a chat with agents.

It didn’t take long before he reappeared with a $5.5m bid and, after another quick chat, he further increased this to $5.65m before the hammer dropped.

The successful bidder was thrilled. Picture: Adam Yip

The home was sold by Jackson Ainsworth. Picture: Adam Yip

The man, who wished to remain anonymous, hugged his mum and dad and couldn’t wipe the smile from his face, no doubt imagining the parties to come.

After the auction, Ray White – Erskineville, Alexandria, Glebe, Surry Hills agent Matthew Carvalho said the owner was delighted with the price.

“There were a couple of people who changed their mind last minute which changed the outcome potentially,” he said.

The converted warehouse has an indoor/outdoor terrace.

It still retails aspects of the former car workshop.

The under floor wine cellar.

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Mr Carvalho said the warehouse attracted huge interest with more than 170 inspections and around a dozen contracts issued, with interest mainly from younger buyers or downsizers.

“It was definitely a rare listing, these homes don’t come up very often,” he said.

The home was the most viewed auction listing across Australia this week on realestate.com.au.

It was purchased by Jackson Ainsworth for $4.18 million in 2019.

Set on 420sq m, the former car workshop retains its industrial past with some “salvaged treasures” along with a sawtooth roofline and 7m sandblasted brick walls.

The modern additions help add to the “magical world” with indoor/outdoor living space, internal courtyard, see through flooring and an incredibly unique glass-roofed wine cellar with access via a ladder.

No wonder the buyer couldn't wipe the smile from his face.

Originally published as Sydney’s ‘ultimate party’ home sells at auction for $5.65m