117-119 O’Sullivan Rd, Bellevue Hill sold for $8.15 million.

The grand, 76-year-old house on O’Sullivan Rd sold for a whopping $8.15 million — but Savills selling agent Sunny Sun said the new owners, a local Chinese family, are considering plans to knock the existing house down to make way for a modern home.

The house had been in the same family for roughly 40 years and was in need of a major update.

Many of the property’s luxury features, including an upper level retreat, had kept their original 1940s decor.

The large Bellevue Hill home was built in the 1940s.Source:Supplied

The owners had originally listed the home for around $12 million last year, but the price later dropped into the mid $8 million mark after attracting little interest from buyers.

Mr Sun picked up the listing just over a month ago at the new price and said 10 groups inspected the home.

The main appeal was the generous land parcel of 1900sq m — almost unheard of in Bellevue Hill’s tightly held real estate market.

The home had originally been listed for around $12 million.Source:Supplied

Mr Sun had specifically targeted Chinese language buyers in the home’s marketing campaign.

The new buyers were unique among those who expressed interest in the home because they were not concerned about the property’s lack of water views, he said.

“It’s a big family and they needed the land,” Mr Sun said.

The property had been held by the same family for decades.Source:Supplied

The family’s knock down plans would hinge on whether they could get council approval.

The property includes a 600sq m grass tennis court, but the buyers had expressed interest in possibly building another house on the court, subject to getting the green light from council, Mr Sun said.

“I don’t think they are interested in playing tennis,” he said.

The five-bedroom, four-bathroom house has a master suite with a dressing room and a garage with space for parking four cars. Much of the estate is made up sprawling lawns and wide terraces and there is also a swimming pool.

Core Logic figures show Sydney’s median house price is $875,000, while the median in Bellevue Hill is $4.2 million.