More than $10m was raised for charity at a spectacular auction in Clovelly on Saturday morning at Sydney’s Valentine’s Day auction.
The home on Surfside Ave belonged to Dr Karen Duggan, a cardiologist and researcher, who died two years ago aged 72.
Dr Duggan, who inherited from his late parents Andy and Jess, left the sale price of the house to The Smith Family, a charity that provides education for the children he supported for 30 years.
Crowds watch at an auction in Clovelly where all proceeds go to charity. Photo: Rohan Kelly
The sale also saw listing agent Alexander Phillips of PPD donate his commission to the cause.
Education has been a big part of Dr Duggan’s life, having been a professor of medicine at UNSW for over a decade.
Dr Duggan also co-founded Vectus Biosystems, a research and development company focused on finding treatments for fibrosis and hypertension.
A large crowd formed at the auction, including Dr Duggan’s friends and family, who were interested
consumers, locals and representatives of The Smith Family.
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Clarence White presided over the auction, which saw $10.425m donated to The Smith Family charity. Photo: Rohan Kelly
Eight tenders were registered for this auction, five of which will continue to work.
There was a commotion in the back yard where the sale was taking place, whether it was a coffee van, the presence of television crews, or the joy of seeing millions go to charity.
The auction opened with a bid of $8m, quickly clearing the home guide of $7.75m.
A well-maintained five-bedroom home with direct access to Clovelly Beach, it’s no wonder bids are coming thick and fast on this property.
Action started to drop around the $10m mark, before the hammer fell at $10.425m.
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The home in Surfside Ave, Clovelly, has been in the same family since the 1950s.
This home most recently belonged to the late Dr. Karen Duggan.
Dr Duggan’s cousin, Russell Graves, the auctioneer, was devastated when the auction ended.
“It’s been a tense few hours,” he said.
“It sparked good times not only with Karen but also with her parents, so I really miss our whole family today.”
Mr Graves said Dr Duggan and his parents had a passion for education and a philanthropic spirit.
He said: “Karen was a very generous woman, who always organized family reunions.
“I think it was a no-brainer for Karen to leave the home she grew up in like The Smith Family.”
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Smith Family chief executive Doug Taylor (left) said the auction left behind a “powerful legacy” for the Duggan family. Photo: Provided
Smith Family CEO Doug Taylor said the sale of this home will help support nearly 1,300 students over the next five years.
“That’s almost like supporting the whole school,” he said.
“It is a powerful legacy to leave to Dr. Karen Duggan and her parents, who have owned that home since the 50s.”
The Smith Family provides financial assistance for education-related expenses such as school uniforms, books and laptops to underprivileged children.
“We also have a team of workers in 90 communities across the country and their focus is to support the care of parents as they face life’s challenges,” said Mr Taylor.
“We help ensure they are in the best possible position to support their child’s education.”
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The winning bidders were represented by buyer’s agent Perry Preziusi (pictured holding the paddle). Photo: Rohan Kelly
The auction was won by a local couple with two young children, who were represented by buyer’s agent Perry Preziusi.
Mr Preziusi said his quick call for an answer helped him seal the result.
“An auction is like a war,” he said.
“You don’t want to doubt it.
Mr Preziusi said he was not surprised by the auction’s success because he thought the price had risen to $11m.
Mr Graves said it was good to see a young family buy this home.
“I think they’re going to have the time of their lives,” he said.
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View from 111/21 East Crescent Street, McMahons Point, sold for $2.405m.
Elsewhere, a McMahons Point penthouse went under the hammer for the first time in 50 years yesterday, selling for $2.405m.
A two-bedroom unit, offering stunning, unobstructed views of Sydney Harbour, has cleared its reserve for $205,000.
Six buyers were active in the auction at 21 East Crescent St, which saw a new building price recorded, according to Annika Bongiorno of McGrath McMahons Point.
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This home on Marden St, Georges Hall sold for $280,000 over reserve.
In the south-west, the sale of 10 Marden St, Georges Hall reflected the strength of the Canterbury-Bankstown market, where the average house price rose 10.7 per cent last year.
The three-bedroom house was sold for $1.48m by Jordon Le Breux of Ray White Bankstown.
Seven bidders were registered for the auction, which enabled the home to clear its reserve of $280,000.
According to Mr Le Breux, the retailer is downsizing and moving to Canberra.
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