An Auckland property that transformed from a hovel into a million-dollar must-have has changed hands.

The 120-year-old settler's cottage at 2 Leighton St, Grey Lynn, went under the hammer earlier this week but failed to sell despite a $2.5 million bid.

Barfoot and Thompson agent Matt O'Brien said the house sold last night, but he was unable to say for how much and who it sold to as the vendors and buyers wanted privacy.

"Both the vendors and the purchasers were over the moon," he said.

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Earlier in the week the NZ Herald reported the bidders from the auction were in negotiation with the vendors.

The interior has been designed to cater for modern living. Photo / Dean Purcell
The interior has been designed to cater for modern living. Photo / Dean Purcell

At the time, Mr O'Brien had said it wasn't unusual for high-priced properties not to sell at auction.

"It's not surprising that it hasn't sold. A lot of properties that are above the $2.5 million mark are sold in private. Buyers prefer to have some privacy. This property has had a lot of media coverage so it's especially not surprising in this case."

About 80 people gathered at the property for the auction.

Several people returned to neighbouring properties after the auction.

"I think a lot of people just came along to look at the property because they've read about," Mr O'Brien said.

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The property was described at the auction as a "very Ponsonby home" with all-day sun and great entertaining areas.