The Castle auctioneer says 'Tell 'em you're dreaming' to opening $100 bid

Bidding for the home from the 1997 hit film The Castle opened today at $100 with the auctioneer replying 'tell 'em you're dreaming'.

The Kerrigan's famous house fetched $40,000 under the hammer after Brad Teal agents Rebecca Towns and Noel Kenny said it could fetch anywhere between $1000 and $10,000.

It was sold to Beechworth-based businessmen George Fendyk and Geoffrey Lucas.

They plan to use it as a tourist attraction for a yet-to-be approved caravan park on the site of a former hospital lunatic asylum more than 200 kilometres away.

Fendyk said he saw the home in person for the first time minutes before the auction. 

The cost to move the three bedroom home is around $45,000 to $50,000.

The humble Melbourne weatherboard home adjacent to the Essendon airport was sold on its own, and not with the land it is located on.

The longtime owner, Vicky Cosentino, said she would take what she could get at its auction.

Cosentino wants to build a townhouse now that the Moonee Valley council voted not to pursue permanent heritage protection for the home.

Rebecca Towns and Noel Kenny from the Brad Teal agency were expecting it to fetch anywhere between $1000 and $10,000. It had a reserve of $5,000.

It was marketed the house as “the ultimate piece of movie memorabilia."

Prior plans by NSW entrepreneurs to relocate it failed to proceed.

Interest has come from councils seeking to add a tourist attraction in their district and investors looking to use it as an Airbnb.