- .Price paid equates to £1,725 per square foot for four-bedroom house
- .House last sold on the market in 1998 for £665,000
- .New owners to spend another £1m building new house on the site
- .Sandbanks is the fifth most expensive location in the world to buy property
This run-down house in desperate need of repair has sold for nearly £3.5 million to set a record for the millionaire's resort of Sandbanks.
The price paid for the shabby home on the sandy peninsular in Poole, Dorset, equates to £1,725 per square foot, well above the existing record of £1,364.
It has sold for £3.45 million, which is more than a 400 per cent rise on the last time it was sold in 1998 for £665,000.
This run-down house has sold for nearly £3.5 million in the millionaire's resort of Sandbanks
Confused as to why the price of a shabby house is so high? This sea view is the real reason of the sky high cost
The property boast incredible views of the sea to the front and picturesque Poole Harbour (pictured here) to the rear
With four bedrooms, two bathrooms, three reception areas and two balconies, on paper the house looks to have a lot going for it.
But the unnamed couple who have bought it aren't interested in the actual building, which they plan to demolish, it is the precious plot of land it sits on.
It enjoys one of the best locations on Sandbanks, boasting two-way views of picturesque Poole Harbour from the front and the sea to the rear.
The house cuts a rather sad figure next to its more glamorous neighbour to its right
A shortage of property, and views like this one out to sea have made Sandbanks the fifth most expensive location in the world to buy property
An arial view showing the house on the Sandbanks peninsular
Despite its sale price of £3.45 million and the potential cost to rebuild, estate agents have described the deal as a 'sensible price'.
Adrian Dunford, of estate agents Tailor Made which sold the detached house, said: 'The property was built in the 1950s, is in need of complete repair and has no architectural merit.
'But its location is considered an extremely rare opportunity given it affords a two-way view of both Sandbanks Beach and Poole Harbour.
"The internal living area is about 2,000 square feet and the price for it is a new record high for Sandbanks of 1,725 per square foot.
'The previous record was for a penthouse apartment that achieved 1,364 per sq ft in 2008. It is one of the last two-way plots that you can do something with for a sensible price.
The owners of the house (pictured centre) will be able to walk straight onto the beach from their new property
Inside the £3.45m house: Estate agents have described the deal as a 'sensible price'
The run-down house is to be demolished and rebuilt, at the cost of another £1m to its new owners
'The couple who have bought it plan to have it as their main home. There is an option to refurbish it but it is likely that they will try and remove it and start again.
'Judging by the properties either side of it, it shouldn't be a problem to go up one more storey and a new house there could easily be worth five to six million pounds.'
Although the existing 1950s house has no back garden to speak of, it does have direct access to the sandy beach.
The property is one of the last of its type on the exclusive spot that has yet to be bought up and developed.
QPR manager Harry Redknapp (left) and former Newcastle manager Graeme Souness (right) both have homes on Sandbanks and will know the area after both having managed nearby Southampton
The property has the appearance of a home that hasn't been lived in for some time
It is expected the shabby house will make way for a modern, three storey family home in its place
It is thought the new owners could spend up to £1 million building a modern, three-storey family home in its place.
Sandbanks is rated as the fifth most expensive location in the world to buy property, with only Manhatten, Tokyo, Hong Kong and London ahead of it.
Queens Park Rangers manager Harry Redknapp has a mansion home there and former Oasis singer Liam Gallagher and wife Nicole Appleton have holidayed there before.
Recently its wealthy residents were in the news over a story they were planning to boycott a Tesco store which is set to open in the neighbourhood.
Aghast residents said the store would look 'like a filling in a set of teeth' and thought a Waitrose or Marks and Spencer would be more suited to the affluent area.
The property is one of the last of its type on the exclusive spot that has yet to be bought up and developed
In need of repair: Its current status hardly befits the lofty multi-million price tag
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