More than $10 million was raised for charity at a heart-warming auction in Clovelly on Saturday morning, at the height of Sydney’s Valentine’s Day auctions.
The home on Surfside Ave was owned by the late Dr. Karen Duggan, a cardiovascular physician and researcher who died two years ago at the age of 72.
Dr. Duggan, who inherited the property from her late parents Andy and Jess, donated the sale price of the house to The Smith Family, a children’s education charity she has supported for 30 years.
The public watches a Clovelly auction where all proceeds go to charity. Photo: Rohan Kelly
During the sale, real estate agent Alexander Phillips of PPD also donated his commission to the cause.
Education was a big part of Dr Duggan’s life, having been an Associate 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 sizeable crowd formed for the auction, including Dr.’s interested friends and family. Duggan
buyers, locals and representatives of The Smith Family.
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Clarence White oversaw the auction, which donated $10.425 million to The Smith Family charity. Photo: Rohan Kelly
Eight bidders had registered for the auction, five of whom would remain active.
There was a buzz in the backyard where the sale was being held, whether it was the coffee van, the presence of television crews or just the excitement of seeing millions go to charity.
The auction opened with a bid of $8 million, immediately hitting the $7.75 million bid list for the home.
A beautifully maintained five bedroom house with direct access to Clovelly Beach. It was therefore no wonder that the bids for the property came in quickly.
The action started to slow around the $10 million mark before the hammer fell at $10.425 million.
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The house on Surfside Ave, Clovelly, had been in the same family since the 1950s.
The house was recently owned by the late Dr. Karen Duggan.
Dr.’s cousin Duggan, Russell Graves, the executor of the sale, was emotional at the end of the auction.
“It was an intense few hours,” he said.
“It fueled the good times not only with Karen, but with her parents as well, so I’m really thinking of my whole family today.”
Mr Graves said Dr Duggan and her parents had a passion for education and a giving spirit.
“Karen was a very generous woman, the one who always organized the family reunions,” he said.
“I think it was a no-brainer that Karen would leave her childhood home for something like The Smith Family.”
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Smith family CEO Doug Taylor (left) said the auction left a “powerful legacy” for the Duggan family. Image: supplied
Smith Family CEO Doug Taylor said the sale of the home would help support nearly 1,300 students over the next five years.
“That’s almost like supporting an entire school,” he said.
“It is a powerful legacy to leave to Dr. Karen Duggan and her parents, who have had this home since the 1950s.”
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 on supporting the care of parents as they face challenges in life,” Mr Taylor said.
“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 (photo with paddle). Photo: Rohan Kelly
The auction was won by a local couple with two young children, represented by buyer’s agent Perry Preziusi.
Mr Preziusi said his quick bids helped him seal the outcome.
“An auction is like a war,” he said.
“You don’t want to hesitate.”
Mr Preziusi said he was not surprised by the outcome of the auction, thinking the price might have risen by as much as $11 million.
Mr Graves said it was nice to see a young family buying the house.
“I think they’re going to have the time of their lives,” he says.
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The view from 111/21 East Crescent Street, McMahons Point, which sold for $2.405 million.
Elsewhere, a McMahons Point penthouse went under the hammer for the first time in 50 years yesterday, selling for $2.405 million.
The two-bedroom unit, which offers extraordinary, unobstructed views of Sydney Harbour, has cleared its reserve by $205,000.
Six bidders were active at the auction at 21 East Crescent St, which set a new record price for the building, according to Annika Bongiorno of McGrath McMahons Point.
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This house on Marden St, Georges Hall sold for $280,000 above reserve.
In the South West, the sale of 10 Marden St, Georges Hall showed the strength of the Canterbury-Bankstown market, where the average house price has risen 10.7 per cent in the past year.
The three-bedroom house was sold for $1.48 million by Jordon Le Breux of Ray White Bankstown.
Seven bidders were registered for the auction, which helped the house increase its reserve by $280,000.
According to Mr Le Breux, the seller is downsizing and moving to Canberra.
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