The “unliveable” Mosman dump that just sold for an eye-watering price. See the video!

By ANNA USHER

A “completely unliveable” Mosman unit has sold for a jaw-dropping $1.1 million after a heated auction in front of 200 onlookers.

The 75sqm unit at 2/20 Somerset St attracted 26 registered bidders and sold on Saturday 6 May, for $200,000 above its reserve.

First home buyers, local investors, renovators and the bank of mum and dad all expressed an interest in buying the uninhabitable unit.

Brigitte Blackman from BresicWhitney Inner East told Mosman Collective this week she was lost for words when the hammer fell.

“I don’t know what to say,” she said. “I guess it was a combination of the Mosman address, there is a view from the balcony and obviously there is a lot of potential once renovated,” she said.

The two-bedroom unit, one of just eight in the block, had been owned by the same man for 40 years and was sold as a deceased estate.

It remained in original condition during that time.

Pictures advertising the property show what appeared to be rotting carpet, broken tiles in the kitchen and a non-operational toilet.

With a total of 291 groups through the property, Ms Blackman said she had never had that many people through any property.

“Its rare because its unliveable and that’s why I think the appeal was there,” she said.

WATCH: 2/20 Somerset St, Mosman auction:

She said the price guide was raised to $880,000-$950,000 after buyer feedback and an early offer of $910,000.

More than 200 people attended the auction, with an audible gasp from the crowd when the hammer fell.

The flat was sold to a young woman who was with her parents.

The small strata levy of only $510 a quarter also appealed to buyers, according to Ms Blackman.

The unit price median in Mosman sits at $1.3m, with the house price median at $5.45m, according to PropTrack data.