A Gerringong property owned by fashion pioneer and Ingham chicken heir Robby Ingham and wife Sarah has sold for what is believed to be a record $11.3 million at auction.
The 100-acre property, 'Ocean Pines' was auctioned on Wednesday night at Crooked River Winery.
The exact reserve price for the property hasn't been confirmed, although the selling agents were quoting above $8 million.
Therefore, Australia Community Media understands the property smashed its reserve price by more than $3 million.
The Domain Group has reported that the sale price is the highest auction result on the South Coast.
According to Domain, it tops a previous South Coast record set in 2015 when businesswoman Kerry Moran sold her Kiama oceanfront property with an unfinished Philip Thalis-designed residence, Pebble Cove Farm, for $7.3 million.
Ray White Gerringong's Neil Campbell and Roirda Harper were the selling agents for the parcel of coastal land.
Mrs Harper said they had four registered bidders, with bidding starting at $6 million.
"A total of 52 bids later the hammer fell on the price of $11,300,000," she said.
Mrs Harper said it was bought by a Sydney buyer, who planned to use it as a holiday property.
Mr Campbell said buyer interest had come from all over, with 1500 direct inquiries during the campaign.
"We even had expats from Singapore and Hong Kong who came to have a look at it, but in the end though the four buyers who were registered to bid were all from Sydney," Mr Campbell said.
"It's an amazing piece of land but there's not another one like it, despite people asking me all the time.
"Robby is ecstatic with the result."
The property was initially listed for sale in late 2018.
A sale price of more than $10 million had previously been tipped for the vacant land parcel.
In September 2012, the 40-hectare parcel at 242 Fern Street, Gerringong sold for $7 million, purchased by Robby Ingham Pty Ltd.
Mr Ingham had plans to extensively develop the coastal/rural holding.
However, they were initially rejected by Kiama council amid criticism the proposal took "no notice of the current legislation".
The initial proposal included the construction of a principal and secondary dwelling, tennis court and pavilion, two swimming pools, and a barn and stables compound consisting of three buildings, two dams, a shed and access driveways.
At the time, Kiama council maintained that the proposal was totally out of character for the area.
After council's determination, an appeal was lodged with the Land and Environment Court.
Following a Land and Environment Court conciliation process, an amended DA was lodged.
The Inghams' appeal was eventually upheld, but reportedly no work has been undertaken at the site.
Last year, Mr Campbell told the ACM little more than half-a-dozen properties can claim front-row waterfront views in this part of the South Coast.
"With current building approval, an opportunity exists to build a private residence to enjoy the extraordinary 360 degree views of 60km of coastline to the north and south and rural and mountain vistas," he said at the time.
Mr Campbell also said the Sydney-based Inghams owned another rural property at Gerroa, "which has a beautiful home" that they used as a weekender.
In 2017, the couple sold their luxury Tamarama home for a suburb record of more than $13 million.