'Grey Lynn $1m hovel' under the hammer tonight

2 Leighton Street, Grey Lynn, Auckland. The house has been rebuilt from its almost derelict state. Photo / Nick Reed

A dilapidated Ponsonby hovel that underwent a dramatic transformation will go under the hammer tonight.

The decrepit 120-year-old settler's cottage in Grey Lynn made national headlines when it sold in late 2014 for $1.075 million.

See the agents walk through the renovated property here:

But the house, which had a 2014 CV of $1.03 million, is rumoured to be worth several million dollars now following its phoenix-like makeover.

The old house was purchased at auction by Evoke Developments in October 2014 and the company's three directors have spent more than a year working tirelessly on it to create a lavish home. Tonight the Leighton St property will go up for auction at 6pm.

Barfoot & Thompson agent Matt O'Brian said no pre-auction offers had been made on the villa however there had been interest from buyers offering above $2 million for the property.

He said "quite a few people" were expected to attend tonight's auction.

The existing villa now features three bedrooms, bathroom, TV room and laundry, and the addition boasts open-plan living and kitchen, upper level master bedroom, ensuite and office with state of the art fittings.

See more video of the makeover here:

See a Google Map of the house location here: