The successful bidders were local buyers who asked not to identified - but the price could have been higher.

Murrell Freight Lines founder Glen Murrell, bidding for a consortium of local businessmen that included Albert Tory and Garry McGrath, claimed he made a final bid just before the hammer came down.

Despite a heated discussion between Mr Murrell and auctioneer John Hanly, the $4.475 million sale stood.

Simon Kersten of Colliers International said he was extremely happy with the campaign.

"It is a good price, slightly more than we expected," he said.

Estate agent turned Cliff Rd developer Peter Taranto was among those to bid at the auction which had eight registered bidders.

The 678sqm site was sold with an approved development application for the proposed Platinum One apartments; a complex of four luxury units, with the penthouse alone once given a $5.5 million price tag for off-the-plan buyers.

The new buyers said they intended to proceed with developing the site and live in the penthouse.

The sale is expected to spark renewed interest in Wollongong's premium residential strip after a quiet couple of years. Gujarat NRE company chairman Arun Jagatramka's 2008 purchase of the Spence house at 64 Cliff Rd for $5 million was the exception.

The units sold yesterday last changed hands in 2006 for $3.7 million.

The units were part of a portfolio of properties purchased by Illawarra businessman David Wakeford through his company Big Bert, which went into receivership last October. There was no word yesterday from receivers on whether they would sell the neighbouring property at No 38 Cliff Rd which was also part of the portfolio.

As the sun came out for the Friday morning auction, so too did some of the key players from Cliff Rd's past.

Faces among the crowd included former Wollongong City Council general manager Rod Oxley and well-known developer Glenn Tabak.