Picton’s iconic George IV Inn has gone under the hammer and is now in the hands of new owners.
The public auction conducted by real estate agents Ray White Hotels was held in King Street, Sydney this morning.
The historic venue was purchased for $3.125 million
Two would-be buyers placed bids at the auction.
The bidding started at $1.8 million under the hammer of auctioneer Jason Andrews
The bidding picked up pace after hitting $2.4 million before two parties placed bids.
The inn has been closed since last June when floods extensively damaged the hotel.
The insurance company Assetinsure’s decision to deny the pub’s claim in January forced owner Patrick Moloney to sell the beloved venue.