Peter and Doris Weiss buy composer Peter Sculthorpe's Woollahra cottage with philanthropic intent

The longtime Woollahra home of the late composer Peter Sculthorpe sold at auction this afternoon.

It was sold at $3.75 million to Peter and Doris Weiss, who Title Tattle gleans are set to establish a music fellowship in residence centre, in Sculthorpe's honour.

There were four bidders at the onsite Goodyer auction which saw bidding open at $2.6 million for the three bedroom cottage that sits on a 302 square metre block diagonally opposite the Lord Dudley Hotel.

There was an initial 84.4% weekend auction success rate for Sydney, according to Australian Property Monitors, down slightly on last weekend's revised 86.2% result.

Peter Weiss was spotted in the leafy street well ahead of the 2pm auction, while Doris only turned up when bidding was at $3.4 million.

The internationally renowned composer was best known for his orchestral and chamber music, most notably his 1988 piece Kakadu.

His generosity in life continued after he died last August, aged 85, with a bequest to establish a chair in Australian music at Sydney University, funded in part by the sale proceeds. 

Now it seems likely charming Holdsworth Street cottage, which Australia's most famous composer purchased in 1976, will become a music fellowship in residence centre. 

It had a price guide of more than $2.75 million through Goodyer's Pauline Goodyer.

Neighbours were the underbidders. Music students appeared to be in attendance. 

Sculthorpe's portrait by artist Eric Smith won The Archibald prize in 1982, which can be viewed in the National Portrait Gallery, Canberra having been purchased with funds from the Basil Bressler Bequest 2004.