It is one of Newcastle's most significant properties and the $8.7 million sale of Barrymore, as it is known, has taken the region to new ground.
It was sold by PRD Newcastle and Lake Macquarie's Mark Kentwell, Natalie Tonks and Chasse Ede with the result smashing the region's previous top house sale of $7.25 million. That was paid for a contemporary residence opposite Merewether beach at 38 John Parade in September last year.
A local family is believed to have purchased Barrymore, which last traded for $3.7 million in 2017. It has since been enhanced.
The spectacular home was built in 1873 and has five bedrooms, four bathrooms and a floor space of 488 square metres. It sits astride a 1698 square metre block of land on the cliff overlooking the Pacific Ocean.
The property's features also include marble fireplaces, entertaining rooms, patterned ceilings, polished floors, leadlight windows, timber windows and doors, a beautiful wooden carved staircase, Italian tile floors, formal lounge and dining rooms, wraparound verandahs, an in-ground pool and a wine cellar.
The home is believed to have originally been part of the Merewether Estate and used by the Merewether family as their summer house.
The record $8.7 million sale was negotiated in five days through PRD's database of buyers.
Mr Kentwell predicted bigger sales to follow as the region's property worth continues to grow.
"I've got no doubt that there will be some other properties that will eclipse this and it could be less than 12 months," Mr Kentwell told the Herald.
"It took 12 years to break that $7 million mark and 12 months to break the $8 million mark. How long now until it's into the $9 millions and $10 millions?"
There has been plenty of other big sales in the beachside suburb this year.
It also took just five days for a home in Merewether's exclusive Hickson Street to be snapped up during the week.