The penthouse of apartment complex Eleven, on Maunganui Road, has sold for $5.55 million - smashing the region's previous record for most expensive residential property sale of $3.2 million.
The penthouse was sold under auction to Auckland businessman Colin Giltrap, who made his fortune in the motor trade industry.

Motor tycoon Colin Giltrap has purchased a penthouse at Eleven, on Maunganui Road for $5.55 million.

Colin owns New Zealand's largest car dealership conglomerate and has links to many multinational car companies including Lamborghini, Aston Martin, Bentley, Porsche, Audi, VW, Skoda, Lexus, Toyota and Hyundai. He is one of New Zealand's most successful businessmen and is an active supporter of motor racing for more than 30 years.
He has said he will use the property as a weekend retreat.
It is a spectacular property with sweeping views of Mount Main Beach and has two lounges, four bathrooms, a rooftop infinity swimming pool, home cinema and parking in the basement for eight vehicles.
The overall Eleven project encompasses more amenities for the occupants of its 65 apartments, including heated swimming pools, gymnasium, and direct access to the main surf beach.

The penthouse interior.

More than half the apartments are already sold, and Bayleys Real Estate is currently marketing two and three bedroom apartments in the development, from $895,000 to $3.45 million.
The previous record for most expensive residential property sale of $3.2 million was for an apartment on Marine Parade, Mount Maunganui.