A Henderson pensioner who has been trying for months to privately sell his home is now auctioning the "exquisite French Riviera" property with no reserve.

Leon Laugalis listed the sprawling 5 Swanson Rd house earlier this year on Trade Me and estimated he could save up to $50,000 in commission fees through a private sale.

But despite receiving two offers, the property has failed to sell and will now go under the hammer on-site on November 29.

"AUCTION - NO RESERVE," the updated listing reads.

Advertisement

"Highest bidder wins. Vendor sells regardless of price."

Mr Laugalis, 70, told the Herald too many properties were passed in at auction after failing to meet a reserve price.

"I just want to be straight with people. This is definitely for sale."

He admitted the prospect that his house could be sold for a bargain was "really really scary".

If all went well he planned to downsize and go mortgage-free by purchasing an inner city apartment with the sale proceeds.

"It depends. I might be moving under a bridge somewhere. That's the worst case scenario."

ROTORUA DAILY POST
12 Nov, 2015 8:30am
3 minutes to read

Mr Laugalis originally listed his six-bedroom property in June for private sale by negotiation.

Leon Laugalis is selling his house in Henderson privately to avoid high fees charges by real estate agents. Photo / Chris Loufte
Leon Laugalis is selling his house in Henderson privately to avoid high fees charges by real estate agents. Photo / Chris Loufte

The massive 397sq m concrete home has a CV of $1.225 million and sits on a 1200sq m section. It features three bathrooms, three living areas, a private courtyard and its own 55,000-litre pool.

The property also boasts parking for five vehicles, nine mature palms and would suit "a passionate flamboyant purchaser who has an eye for the good life", the listing states.

"Situated behind a private secure entrance you will love this Riviera-style home and income. Be the envy of all your friends, as living here will always feel like a fabulous holiday on the French Riviera."

Mr Laugalis is a retired investment broker but worked in real estate briefly in his 20s. He was considering hiring an auctioneer for the big day. "If not I'll do it myself."

He said several real estate companies had offered price estimates for his house, ranging from $1.8 million to $2.4 million.

A young couple's offer of $1.9 million fell through when they couldn't secure finance and he had turned down another offer of $1.7 million.

Mr Laugalis paid $525,000 for the house in 2004. He said the Trade Me listing had cost about $500. A friend took photos for the advertisement and he told the Herald in June he was comfortable marketing the property himself.

Asked if he was confident of finding a buyer, Mr Laugalis said at the time: "I can't say till I've sold it - probably a bit too soon."

The massive 397sq m concrete home has a CV of $1.225 million and sits on a 1200sq m section.
The massive 397sq m concrete home has a CV of $1.225 million and sits on a 1200sq m section.