A DECREPIT dump has become one of Richmond’s priciest properties selling for more than $2.5 million.

Described by the real estate agent as “unliveable”, the weatherboard house on Burnley St sold at auction for $2,544,000 — more than $1.5 million over the median house price and $900,000 more than what it sold for two years ago.

“The stumps are gone, it’s wobbling all over the place, I would dare say the floor boards are sitting on the soil underneath the house,” Biggin & Scott real estate manager Allan Cove said.

But it was not the charm of the run down wreck that attracted more than 100 people to the auction.

The land, at 769m2, already has plans and permits approved for four luxurious townhouses — a process that can take years and cost into the hundreds of thousands.

Mr Cove said the new owners, a mixture of local and international investors, planned to have the townhouses on the market within the next few years.

It would mean farewell for the old shack, built in the 1870s, which remained in the one family for more than a century.

Before developers tore down dilapidated houses and subdivided large blocks of land, relics just like it once lined the streets of Richmond.

But a piece of the old world will remain at 336 Burnley St, a heritage overlay meaning at least the facade and two front bedrooms would prevail.