Owner turned down offers of $1.8 million and $1.9 million before the auction

A million-dollar Auckland home auctioned at no reserve by the owner to avoid up to $50,000 of agency fees sold far below expectation.

The six-bedroom, three-bathroom house in Henderson sold for $1.45 million at a poolside auction - just $220,000 above its CV.

Owner Leon Laugalis said he was disappointed, with just 24 people turning up despite his TradeMe listing having over 39,000 views.

Photo / Nick Reed
Photo / Nick Reed

"I'm not happy. It sold well below its value. I was told it was likely to get between $1.8 million and $2.4 million," he said.

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"A property developer has bought it and he knows he is buying it well below what it could sell for."

Mr Laugalis, a 70-year-old retired investment broker, said the "French Riviera-style" house almost went for much less.

The highest bid was $700,000 before the winner's offer, submitted by phone, was taken.

"When the auction has no reserve the vultures turn up, they were wanting to take it for peanuts.

"This is a very, very valuable place and I would think there would be 100 people here trying to buy it. Especially with the so-called shortage of houses, this is a fabulous big home it's a crime to sell it for what I sold it for."

Mr Laugalis said he had also received offers of $1.8 million and $1.9 million before the auction, but had turned them down.

Leon Laugalis, owner of the property. Photo / Nick Reed
Leon Laugalis, owner of the property. Photo / Nick Reed

Located at 5 Swanson Rd, the sprawling 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 was marketed to suit "a passionate flamboyant purchaser who has an eye for the good life".

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Mr Laugalis paid $525,000 for the house in 2004 but has decided to downsize and go mortgage-free.