Lynton, Rose Bay passed in on $7.6 million vendor bid

There were no bids when Lynton, the vacated Rose Bay trophy home of the horse owner and breeder Frank Tagg went to auction, possibly the priciest of offerings on 2016's first super Saturday.

It was the home Tagg's wife Sally bought in 2007 for $8 million from Sydney property developer Piers Dawson-Damer.

Selling agent Ben Collier of McGrath had pre-auction hopes of around $7.5 million pre-auction for the grand 1912 Edwardian home which headlined the 870 weekend auction offerings. The auctioneer Scott Kennedy-Green placed a $7.6 million vendor bid.

It was listed for mortgagee sale under instructions from Westlawn Finance Limited after Tagg hit some currency fluctuation issues.

Sitting on a private 1296 sqm parcel, the unrenovated, but recently repainted, five bedroom, three bathroom house overlooks the Royal Sydney Golf Course.

Tagg, who was an early McDonald's franchisee, made his reputation as he became a highly regarded horse breeding industry player securing great success, winning his first group 1 race, the AJC Oaks, with the filly Circles of Gold in 1995.

Circles of Gold's real value came at stud, as the mare produced seven foals including champions Elvstroem and Haradsun.

In 2011, Tagg his wife Sally and other co-owners sent their beautifully bred mare Hveger to Ireland to foal share at the Coolmore Stud operation.

The former Western Suburbs first-grade footballer had started at McDonald's when he was 27 going onto own several hamburger stores. By 2011 he only had the one franchise given the time and devotion to his racing and charity interests.

Spotted as the first to inspect the Kent Road home on its initial open for inspection last month was the neighbour, Lance Rosenberg, the former Tricom Equities managing director, who bought his mansion from the former Liberal Party leader John Hewson.

His wife was spotted just looking on at yesterday's auction.