After five years, super Saturday's $4.95 million highest sale represents a half-price haircut on Port Hacking

It was March 2007 when Soumershell, the ultra-contemporary house on the shores of Gunnamatta Bay of longtime Cisco operative Frank Maly and wife Monica, hit the market.

"The owner wants $10 million and we've had interest from two or three parties above the $8 million mark," the initial listing agent advised at the time.

A year earlier a $6.6 million Burraneer record had been set, so as the five-bedroom Shell Road house was deemed superior, so to were its price expectations.

But even before the global financial crisis impacted on prestige pricing, the Port Hacking property faced the headwinds of negative price sentiment with belated price adjustments being periodically made along the way.

On its second auction campaign, in October 2007 auction, the reserve was $8.5 million. By June 2008, the hopes were put as $7.5 million plus. The land cost $1.63 million in 1999.

In 2009 there was some price guidance across the fence when $3.8 million was achieved the neighbouring house. The two-level 1964 house with boatshed and pool on a 2,112 square metre block was sold by executors of the late Joseph Boseley, the inventor of the Bosclip Lawn Barber'n Edge Trimmer, hair clippers and the boomerang pillow, having been listed with $3.5 million-plus hopes.

Soumershell was available at $2,700 a week rental in mid-2009.

The $7.5 million-plus asking price stayed until October 2011 when the price expectation was adjusted under its fourth marketing agent to $6 million plus.

When marketing began for its March 31 auction the conjunctional agents were suggesting $5 million plus for the high-end contemporary deep waterfront house.

The tri-level house set on 1,184 square metres with 20-metre heated lap and plunge pools, level lawns, slip rail with cradle and pontoon with poles.

Inside there’s triple lock-up garage, heated limestone floors, gym and home theatre.

"A motivated vendor ensures all this is available at below replacement cost," said its conjunctional listing agent David Highland from Highland Property Agents pre-auction.

After Saturday’s auction, when the property sold for $4.95 million, conjunctional McGrath agent Kieren Bresnahan said, “Previously it would have been worth a lot more, but in the current climate that was about what we thought”.

The sale of the Sutherland Shire property was the highest known weekend auction result.