A distinguished 1930s Bellevue Hill estate has changed hands for $21,076,000 following an intense private auction that saw 19 registered parties vying for the prized property.
The four-bedroom deceased estate known as ‘Fernlee’, positioned at 41 Drumalbyn Road on an elevated 930-square-metre block with sweeping harbour vistas, attracted considerable interest from potential buyers despite initially carrying a guide price of $13 million to $14.3 million when it first appeared on the market in July.
The substantial final sale price represented a remarkable $6 million premium above the revised guide of $15 million, which had been adjusted just 10 days prior to the auction after the property received two early offers.
According to selling agent Steven Zoellner from Laing + Simmons Double Bay, the property’s unique character and prime location drove the exceptional result. The residence features the grand proportions typical of homes from its era, including soaring ceilings, generously proportioned rooms, and the timeless appeal that comes with nearly a century of heritage.
Auctioneer Jake Moore from Cooleys conducted proceedings at the Double Bay offices, with bidding commencing at $16 million and climbing in $500,000 increments until reaching $20 million. The competition intensified significantly in the final stages, with increments dropping to just $1,000 as four determined bidders pushed beyond the $20 million mark.
The auction attracted 38 bids in total, with the contest ultimately narrowing to two final participants above $21 million. Industry sources indicate the successful purchaser was represented by prominent buyer’s agent Simon Cohen and is currently residing overseas. The runner-up bidder was understood to be a local Bellevue Hill resident.
The property had remained in the hands of the same family since 1990, when medical practitioners Katherine Tang Yiu and her late husband Robert acquired it for $2.3 million. Dr Tang Yiu, who passed away last July at age 91, had relocated from the residence six years earlier, leaving the substantial home unoccupied.
Family tributes described Dr Tang Yiu as a woman of remarkable energy who maintained the expansive property and its extensive gardens with dedication. Her knowledge of Chinese history and antiques was particularly noted, with the home housing a collection of furniture and artwork rich in cultural significance.
The property carries additional historical interest through its previous ownership. Records show it was purchased in 1931 by Ulisse Pellegrini, the managing director of Pellegrini and Co, a Melbourne-established firm that supplied religious articles to Catholic institutions across Australia.
Mr Pellegrini, who received papal recognition through the Knighthood of St Gregory in 1947, had been granted a private audience with Pope Pius XI during a 1929 European visit. He passed away at Lewisham Hospital in February 1950 at age 56.
The current sale reflects the continued strength of Sydney’s prestige property market, particularly in tightly held locations such as Bellevue Hill’s dress-circle streets. The substantial interest from both local and international buyers demonstrates the enduring appeal of heritage properties with premium positioning and harbour access.
The transaction was completed through a company purchase, a common arrangement for high-value property acquisitions in the eastern suburbs market.
Published 14-August-2025
