PHOTO: 2/124 Wolseley Road, Point Piper, sold for $13.025 million at auction. Photo: Sydney Sotheby’s International Realty

A Point Piper apartment listed for sale for the first time in 70 years sold for a massive $13,025,000 at a hotly contested auction on Saturday.

The three-bedroom apartment at 2/124 Wolseley Road in the exclusive Cliff Towers building sold for the eye-watering amount after being declared on the market at $9.9 million.

Sydney Sotheby’s International Realty managing director Michael Pallier said there were seven registered bidders, with three active throughout the sale.

The ultimate buyer, a woman from the eastern suburbs, started bidding at $10 million, Mr Pallier said.

About 30 people were at the auction of the apartment – owned by Susan Rankine, formerly known as Lady Street – with some having to be turned away due to social-distancing rules.