The building was put up for sale by real estate agency Ray White, with the listing title "dilapidated Californian bungalow".
Potential buyers weren't even allowed inside the three bedroom house, as the council had deemed it unsafe.
The agents argued that the house could be restored by a "brave new purchaser", or "a developer/builder to demolish and rebuild".
The previous owner lived in the house for 50 years, but the elderly woman left it late last year when the council declared it too dangerous to enter.
The house has an RV of $540,000 and sold on March 31 for $480,000.
Its high selling price is believed to be due to the property's central location. The 296sqm section is flat, and zoned for Wellington High School and Wellington College.