ONE of Ballarat’s most prestigious properties has finally been sold.
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Bishop’s Palace is believed to have been sold for more than $3 million, after months of discussion with interested buyers.
Ray White estate agent Phillip Lee said he could not reveal the property’s exact sale price until settlement.
“We cannot disclose the price, but it was on the market between $3.25 and $3.65 million,” Mr Lee said.
“The property sold for a price with (the figure) three in front of it.”
The sale of the Sturt Street property is considered one of the highest residential transactions in Ballarat’s real estate history.
The six-bedroom, six-bathroom property was bought by a Ballarat businessman, who wished to remain anonymous. The sale of the property was made possible through a partnership between PRD Nationwide and Ray White Ballarat.
PRD Nationwide estate agent Jim Bambridge said the buyer indicated he would live on the property.
“There were thousands of views of this property online,” Mr Bambridge said.
“Since the auction, we had been speaking to four to five groups of people.”
Mr Lee said the Bishop’s Palace sale had broken local real estate records.
The sale of a Wendouree Parade property for $2.83 million in 2007 was considered Ballarat’s highest residential sale at the time.
The Bishops Palace had previously been advertised for $3.7 million plus ahead of the August 30 auction. In January, it was listed for $6.5 million.
The 1.37-hectare property has had two owners since it was constructed by architect Joseph Reed in 1876.
It includes a reception hall, parents’ retreat, two studies, kitchen, wine cellar, spa pavilion, grand formal dining, formal sitting, breakfast and family living rooms.