Garden Island asking price slashed by half since prior listing

The asking price of Garden Island, near the historic village of Carrington at Port Stephens, has been cut by its carpet warehouse sellers Wendy and Ken Derry.

It now comes with a $2.75 million price guidance through McGrath Terrigal agent Adrian Culpin, having been listed with $6 million hopes in 2012.

The couple paid $480,000 for the mostly overgrown 1.4 hectare island in 2001 and then commissioned award winning architect Philip Pratt to design the home.

His brief was to create a home with a mix of Australian rural architecture and Japanese Modular design.

The three bedroom home, about 950 metres to the shore, features separate pavilions with Colourbond steel external walling and roofing.

The property comes furnished and complete with buggy, boat and car.

The island was held by the pioneering White family after the Australian Agricultural Company disposed of some land holdings in the 1880s.

The deeds to the island show the island was bought by Dribold White from the AA Company in 1885 for £30.

It is among around 20 island in the Port Stephens area, however it is the only one that can be built on.

Garden Island had $4 million hopes when listed in April.

This article first appeared in The Sunday Telegraph.