Picton’s George IV Inn sold at auction for $3.125 million

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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

Three would-be buyers placed bids at the auction.

There was an awkwardness in the room whilst the audience waited for the opening bid, which started at $1.8 million under the hammer of auctioneer Jason Andrews.

The auction pace picked up at $2.4 million between two parties who bid back and forth.

The bidding stopped at $3.05 million. It did not reach reserve, which was not disclosed, so the agents negotiated with the vendor and bidding parties.

Ray White Hotels continued with other auctions before the attention came back to the George lot.

Mr Andrews confirmed there was a bid for $3.125 million and his gavel hit the auction block.

The audience erupted with applause for the new owners.

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.

More to come.

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