A one-bedroom cottage on the South Coast which had a price guide of $4 million-plus has been passed in at auction.
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The property at 5 Beecroft Parade, Currarong was on the market for the first time in more than 80 years.
The home is set on 695.6 square metres and has local heritage listing.
The property was up for sale via online auction on Saturday, but was ultimately passed in.
Auctioneer Stuart Davies told the virtual audience that the auction was an "emotional sale for the vendors", and the property was "the quintessential South Coast beach shack".
He said the property was "so rare and so unique" it was potentially difficult to gauge an amount for the first bid.
"Once it's gone today, it's potentially gone for another 70, 80 or more years," Mr Davies said.
After a late start due to some technical glitches, and no other bids lodged, a vendor's bid of $3.7 million was placed.
A vendor's bid is a bid made by the auctioneer on behalf of the vendor. It's not an actual bid to buy the property, and is often used to keep the bidding moving forward.
The selling agents are now believed to be in post-auction negotiations with registered parties.
Selling agent, Carrie Bond from Bond Lifestyle Properties previously told the Mercury the property was drawing most of its interest from Sydney parties.
The home is set against Beecroft Peninsula, which forms the northern headland of Jervis Bay.
The front yard spills over into a rock pool that also forms part of Jervis Bay Marine Park, as well as Abraham's Bosom Beach, which is next door.
-We'll keep you updated with this story, and provide updates if the property sells post-auction.