One of Sydney’s most exclusive homes has changed hands for $45.1 million, setting what is believed to be a new Australian record for the highest price paid at auction.

Known as The Knoll, the grand residence was built in 1935 and crowns a large 2536-square-metre block in Rose Bay, directly overlooking the Royal Sydney Golf Club.

The property has been in the same family for six decades. The late Elizabeth Burns, whose lineage traces back to founder of the shipping and trading empire Burns Philp Sir James Burns, lived there until her death last year.

Richardson & Wrench Double Bay’s James and Michael Dunn were tasked with bringing the rare estate to market.

Michael Dunn described the atmosphere as “very competitive”, telling 9news.com.au that “the property was called on the market at aro

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