Sydney auctions: Millennial millionaire William Wu's Bellevue Hill mansion passes in at $18m

Millennial millionaire William Wu’s Bellevue Hill mansion passed in at auction at $18 million on Saturday.

The 28-year-old son of property developer Jing Wang, who heads up Chinese-backed Mayrin Group, purchased the block only a year ago for $11.08 million, records show.

But it looks like it is one of the few homes Wu is offloading after the mother-son duo amassed a real estate portfolio worth almost $100 million in the past year.

Expressions of Interest

69 Bulkara Road, Bellevue Hill NSW 2023

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It was a full house at 69 Bulkara Road as a healthy crowd gathered to watch the five-bedroom trophy home go under the hammer, including the five registered parties.

The auction kicked off with an opening bid of $14.8 million – well below the $16 million price guide.

Spirited bidding from four of the prospective buyers pushed the price up quickly after more than 50 bids.

But it came to a standstill once it hit $18 million, at which point it was passed in.

It is now for sale at $19.5 million, selling agent Elliott Placks of Ray White Double Bay said.

“The vendor is OK. They’ve got an amazing product, and we’re in negotiations with the [potential] buyers. We’ll see a conclusion to this soon,” Mr Placks said. “It’s almost like buying a lifetime asset. It might take a little longer to get the person over the line.”

He holds the listing with Sydney Sotheby’s International Realty’s Michael Pallier.

SOLD - $16,850,000

14 Bunya Parade, South Coogee NSW 2034

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In Coogee, the trophy home of ex-turf club chairman Laurie Macri, known as the ‘Coogee Castle’ sold prior to auction on Friday night for about $17 million.

Ballard Property Clint Ballard remained tight-lipped about the final sale price after signing a confidentiality agreement.

Despite three registered bidders for the auction on Saturday – including two Sydney buyers and a party from overseas – a convincing offer was put forward late Friday on 14 Bunya Parade.

“To stop something from going to auction … you have to be at the top of the range or above it.”

The five-bedroom home was marketed with a guide of $15.5 million to $17 million.

It is expected to break the suburb record if it sold anywhere near that range, eclipsing the South Coogee high set late last year at $10.55 million for a rundown clifftop house.

It would even top the Coogee record when former real estate shop boss Marc Marano bought on Gordons Bay for $12.85 million.

The landmark concrete, glass and steel house last traded for $7.5 million in 2005, records show, after high profile businessman John Singleton and his then-wife Julie sold it at a loss.