A luxurious estate in Bellevue Hill, known as Fernlee, has been sold for approximately $22 million at a competitive private auction, significantly exceeding its initial price guide. The property, located at 41 Drumalbyn Rd, fetched $21,760,000 during the auction held on the evening of [insert date], with 19 registered bidders vying for ownership.
The four-bedroom home, built in the 1930s, was purchased by doctors Katherine Tang Yiu and her late husband, Robert Yiu, for $2.3 million in 1990. Positioned on a 930-square-metre block, the residence offers spectacular views of the harbour and is situated in one of the area’s most sought-after locations.
Initially listed with a guide price of between $13 million and $14.3 million, the final sale price reflects a remarkable demand for properties in this exclusive neighbourhood. The auction was conducted by Laing + Simmons Double Bay, with agent Steven Zoellner remarking on the unique attributes of the home that contributed to the high bidding activity.
“This result was unusually high,” Zoellner stated. “The house is unique in style, appealing to buyers who appreciate older-style homes with high ceilings, expansive rooms, and impressive views.” The auction environment was described as dynamic, with bidding commencing at $16 million and escalating in increments of $500,000 until it reached $20 million. The final bids were narrowed down to just two competitors, with the underbidder being a local resident.
The successful buyer, represented by prominent agent Simon Cohen, is reportedly an expat currently residing overseas. There had been speculation regarding potential bidders, including media mogul Lachlan Murdoch, who lives nearby; however, sources confirm he did not acquire the property.
The auctioneer, Jake Moore of Cooleys, noted the intense competition and excitement in the room, as registered buyers filled the venue. “It was a private auction, and the atmosphere was electric,” Moore said. As the auction progressed, bidding intensity led to smaller increments, with the final bids being just $1,000 apart.
The property holds significant historical value, having been owned by notable figures in the past. Among its previous owners was Ulisse Pellegrini, a respected businessman who received the Papal Knighthood of St Gregory in 1947. Pellegrini and his wife purchased the estate in 1931, contributing to its legacy over the decades.
Katherine Yiu, who passed away at the age of 91 in July 2023, lived in the home until her death. Her niece, Cho-Wai Cheung, paid tribute to her aunt’s vibrant spirit and her ability to manage the expansive property, which encompasses extensive gardens. “Aunty Katherine was gracious and resilient,” Cheung remarked, highlighting her aunt’s deep appreciation for Chinese history and antiques.
The sale of Fernlee underscores the continuing allure of premium real estate in Bellevue Hill, where demand remains robust despite fluctuating market conditions. As buyers seek unique properties with character and history, auctions like this illustrate the competitive nature of the high-end property market in Sydney.
