Opulent Sandringham 'Versace house' breaks suburb record at auction

The home sold for $8.38 million which was "to be expected" for such a "unique product", according to the agent.

"It doesn't suit everybody's taste, however the people who were into that vibe at home really embraced it and the result we got reflected that," Liam Tsaprazis, Associate Director and Sales Agent at McGrath Sans Souci, told the Leader.

The 980-square-metre property with its own beachfront reserve at 22 Primrose Avenue is set in an exclusive cul-de-sac and is minutes to Sandringham's cafe culture.

It offers four bedrooms, five bathrooms and four carspaces, and Versace designer branding throughout.

A majestic spiral staircase and flowing living spaces that extend outdoors, as well as parterre gardens, multiple balconies and a swimming pool, add to the luxury.

There is an enormous rooftop terrace with outdoor spa and barbecue area, a deluxe stone kitchen with Miele gas appliances, a games room, steam room, study and bar.

The property last traded for $7.8 million in 2015.

At auction on Sunday, July 31, bids opened at $6.85 million and there were seven registered bidders. Four active bidders ended up competing to take the price higher.

Mr Tsaprazis said bidders adjusted well to the online auction platform.

"I had a lot of buyers jump on to previous weeks' auctions to see the tempo and how it runs. It didn't stop any competition which is great," he said.

He said the location - though magnificent - was not as much of a selling point as the home itself.

"It's a special house. Suffice to say, the underbidder is a little disappointed, however they got to their limit on it," Mr Tsaprazis said.

The vendors are moving to the North Shore.