Palm Beach landmark Pegasus sold for about $6.5 million - no car access included

The Palm Beach landmark Pegasus set in the prime headland position above the baths has sold for more than $6.5 million. 

But despite its multimillion-dollar views, there’s a catch – the house can only be reached by foot and it could cost as much as $1 million to build a driveway.

The idyllically positioned house on a corner block of 1144 square metres has been home to retired law professor Jane Swanton since 1977, when it was sold by real estate agent Reg Window for $86,000.

It is believed to have been sold to a local buyer to be used as their weekender, although David Edwards, of LJ Hooker Palm Beach, declined to confirm the sale price or reveal the buyer.

Edwards and his colleague Peter Robinson took it to auction two weeks ago, at which there were five registered bidders but no hands up for the property above the $6.2 million vendor bid.

After it was passed in a new guide of $6.5 million to $6.9 million was established, and it sold within that range.

It is the highest sale this year in the glamorous holiday spot.

The two-storey house with its signature yellow awning is set on the southern headland overlooking the beach and with a north-facing view throughout.

Despite its unbeatable position, plenty of original charm and panoramic views to the north, the five-bedroom home is accessible on foot only, with no driveway or off-street parking. 

The property was originally listed with a $12 million asking price last year before the guide was revised.

“Buyers were wary that they would be spending some $1 million to get driveway access and that’s before they do anything to the house,” Edwards said.

Swanton, who was the first female graduate of the law school to be appointed to the lecturing staff of Sydney University, was reported as having sold the property in an off-market deal in 1997 to developers, but title records show no sign of that deal having taken place.