No new chapter yet for Somers Penguin estate

The Somers beachfront offering steeped in book publishing history didn't secure its next chapter when auctioned yesterday.

It was listed by Elizabeth Lane, research author and daughter of Penguin Books co-founder Richard Lane.

There was a $3.4 million vendor bid for 52-54 The Promenade, with the seven bedroom Mornington Peninsula home now having a $3.75 million asking price through Iain Carmichael, of Jellis Craig, in conjunction with Kay & Burton.

The early 1990s Young, Lehmann Architects-designed home sits in low maintenance two acre gardens by the landscape designer David Wood.

Ms Lane has maintained thousands of Penguin books - with their bright orange spine - as well as diaries and other memorabilia, which she intends to gift to the University of Melbourne library following the sale.