HISTORIC Meramie has been saved from demolition with the central Albury property's new owners planning to reinstate the home built for a city mayor in the 1890s.
After being passed in at auction, agents Stean Nicholls clinched the sale of Meramie late on Friday for more than $1 million to local buyers who wish to remain anonymous.
Six days earlier Meramie was passed for $975,000 with agents dealing with four different parties post the auction.
The property was later converted into a private hospital and hotel and most recently was used as student accommodation when Charles Sturt University had a central Albury presence.
Meramie's owners for nearly two decades, Ian and Joy Clark, attempted to demolish the property and replace it with four townhouses, but the plans were blocked by Albury Council two years ago.
"The new owners' intention is to restore it, hopefully, to its former glory as a residence," agent Geoff Stean said.
"It is a good result and just the fact four people were interested in purchasing it underlines the strength of the local market once again.
"If there was someone out there who passionately wanted to buy Meramie, reinstate it and do the right thing by the existing architecture at the front, and it was a fair and reasonable price, then you let it go, was our advice to the owners."
Mr Stean said there had been more than 100 inspections of Meramie and the overwhelming sentiment was a preference for restoration.
Albury and District Historical Society president Greg Ryan welcomed the new owners' intentions to restore Meramie.
"We felt the property had a lot of significance, socially and culturally, " he said.
"We strongly opposed the development application to demolish the property because what was proposed didn't fit in with the rest of the properties in that area.
"It is a heritage precinct with a lot of places with historic value.
"Townhouses would have detracted from the heritage value of the whole area.
"It was an important step."
Meanwhile, another significant Upper Murray property has sold at auction for $4 million.
Hereford Hill at Cudgewa had been held in the Land family for four generations before the estate of Bruce Land put the 321 hectare or 759 acre property to the market as a whole.
The successful bidder at auction was Rob Whiteley from the Upper Murray.
"It another good result," Elders Albury agent David Gittoes said.
"We had a good crowd and six registered bidders."
Mr Land died in late 2018.