"It went for more than I thought it would - they were basically buying bare land," Ray White agent Peter Coker said.
"It is down the end of a quiet cul-de-sac and is a sunny spot which is relatively flat so that would have pushed the price up."
A pair of developers bought the property which was previously owned by the same family for 60 years. It had been used as the base for their Vintage Radio Society club.
Coker hoped the small schoolroom, currently used for storage, would be relocated.
He said the purchase price was in line with other recent sales. The bare land sale price gives each square metre a $3090 price tag.
The Stuart St property is the latest rundown property to sell for more than $1m as Auckland's property boom continues.
Last month, a rundown Grey Lynn villa - widely described as a hovel - sold for $1.075m.
The house was described by Barfoot and Thompson agent Kirk Vogel as the worst house he had listed.
The late 1800s cottage had no power or running water, sagging ceilings and rotten floorboards.
Meanwhile, almost 3000 Auckland homeowners have formally objected to their new valuations, which would translate to hefty rates increases.
Capital valuations have risen on average a third since valuations were last done in 2011.
Eleven city suburbs had capital value increases of more than 50 per cent. Residents in some suburbs are facing rates rises of more than 40 per cent.
More than half a million Auckland properties have been revalued, and the information will help determine the share of rates expected from each of their owners.
Council spokeswoman Therese Sutherland told the Herald on Sunday the council had received 2917 objections since most people began receiving their new valuations.
Objections must include a reason and be made online or in writing by 5pm on December 23.
