The Castle at 55 Knightsbridge Parade West, Sovereign Islands failed to sell at auction at the weekend. Source:Supplied
AN auction for the "Castle" at The Sovereign Islands failed to find a buyer at the weekend with the top bid millions below the owner's expectations.
The property at 55 Knightsbridge Pde West is one of the most recognisable homes on the islands with its distinctive medieval facade.
It occupies one of the best locations at the elite enclave with a point position, 52m of water frontage and panoramic views.
On Saturday a small crowd turned out to see the auction and take a peek inside the grand residence.
Bidding started at $3 million and peaked at $5.05 million before the house was passed in by auctioneer and Harcourts Coastal principal Dane Atherton on a vendor bid of $7 million.
The small crowd at the auction of the Castle on Saturday which was passed in. Source: Supplied
Harcourts Coastal luxury property sales agent Shaun Kaddatz, who marketed the property together with Glenys Pitkin, said the house attracted strong interest from an international marketing campaign and he was confident it would sell.
Mr Kaddatz said there were four parties vying to buy the property with conditional offers.
"We're not far away with the highest bidder at auction increasing their offer afterwards to $6 million," he said.
Owner John Corbett purchased the house at auction last year for $5.325 million.
He has extensively refurbished the interior so it is more of a modern design in contrast to what it looked like when it was first built.
The original owner and builder was Ron Litherland who wanted the house to reflect "formality and quality" through rich, ornate furnishings, features and fixtures including African mahogany and hand painted cornices.
He estimated the replacement cost of the house, which is made of corefilled sandstone blocks, would be $8 million alone.
In addition to three levels of living spaces the house has a rooftop terrace, basement parking for 14 cars, a home theatre, a library, a bar and study as well as numerous other rooms.
The outlook from the property. Source: Supplied