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A three-bedroom house with views of the Kent coast has sold for more than double its asking price at auction - despite needing extensive renovations.
The end-terrace property in a sought-after area near Ramsgate's stunning harbour was valued at £110,000, about a third of the average asking price of neighbouring homes in Albert Street.
But yesterday it was snapped up for £245,000 by a mystery buyer.
Located in a conservation area at the corner with Adelaide Gardens and arranged over four floors, the house dates back to the 1830s and even has Grade II-listed status.
Auction appraiser Jon Rimmer had admitted the property needs "complete refurbishment" but insisted "it will be well worth the effort".
“It is close to Ramsgate’s Royal Marina and town centre and is very roomy inside," he added.
But it's after stepping inside those rooms that the stark reality of the mammoth renovation task ahead becomes all too clear.
A video tour of the property posted by auctioneers Clive Emson reveals a home which appears to have been untouched for years.
Yet the house was in fact occupied until 2020, when the previous owner, who did not have the required funds to carry out any repair works, sadly died.
Retro posters can be seen on the walls featuring Princess Diana, Elvis Presley, the X Files and pop group Steps, as well as Teletubbies stickers.
There is a TV with in-built VHS and DVD players, while various newspaper cuttings are pasted around the house - including a Sun front page from 2007.
Just inside the front door, unread leaflets and letters are scattered across the floor, while wallpaper peels away from the hallway ceiling.
Some of the rooms remain cluttered with belongings, including teddy bears.
The building has previously been used as both a house and shop, according to Historic England.
It became one of Thanet District Council's first ever shared ownership properties in the 1980s.
According to a report presented to the authority's Cabinet in June, the council became the sole owner of the house last year when the owner died.
"The property is in a poor state of repair as the previous owner did not have the financial capacity to carry out any works," it said.
The document said essential work is required to the roof, which would cost between £19,000 and £32,000.
It added that if the property was completely refurbished, its value would increase to £260,000.
Watch the full video tour of 18 Albert Street
But council officers estimated that such a refurbishment would cost in the region of £180,000.
Cllr Tricia Austin told KentOnline earlier this month that she had argued for the council to keep the property for community use.
She said the "beautiful building" could have been turned into a tearoom or had the upstairs converted into an AirBnb.
Cllr Austin said residents were opposed to the property being put up for auction due to concerns over "land-banking".
"We have had so many buildings and so many bits of land bought up by developers who then sit on them while they increase in value," she added.
Despite the concerns raised, TDC's Cabinet decided the property should be sold at auction.
It went under the hammer with a guide price of £110-£120,000 on Wednesday - and sold for £245,000.
Mr Rimmer added: “Bidders were really enthused by this offering and the price paid reflected the high level of interest.”
See www.cliveemson.co.uk for more details.
