Iluka Road, Palm Beach log cabin sells for $8.25 million at auction

A log cabin on the water at Palm Beach fetched $8.25 million at auction yesterday.

The weekender was listed following the death last year of Lysle Roberts, who headed Australia’s oldest jeweller Fairfax and Roberts.

There had been $8 million hopes for the 640sqm Snapperman Beach beachfront reserve holding.

Just the two bidders participated at the Sunday morning onsite auction, with the auctioneer struggling to be heard over the noise of a stink-boat just offshore.

It was knocked down to a couple from Northbridge after being called on the market at $8.2 million.

The Roberts family paid £825 in 1940.

They rebuilt it in log cabin-style in the ‘70s when they were all the rage.

Overlooking Pittwater, it is one of the priciest waterfront strips in Sydney with prices between $10.35 million to $21 million over the past year.

Mr Roberts’s 1920s city home, Sunnydale Cottage at Pymble, was sold on Saturday for $2,655,000.

This article was first published in the Daily Telegraph.