NEW life will be breathed into Yeppoon's iconic 'house on the hill' after the well-known mansion sold to new owners.
Built in 1972, the six bedroom mansion is known among coastal residents for it's distinguishable archways perched on the top of a hill in Hidden Valley.
After being repossessed from it's previous owners several years ago, the 150 acre property sold to Yeppoon locals for $1.7 million in November.
It took just one bid for new owner, Deryl Wust, to win the property with agent Barry Vale saying it was "cheap as chips".
The property at 111 Hidden Valley Rd consists of eight titles, two houses and 150 acres of land - selling in just 26 days at auction on-site.
The main home has six bedrooms, six bathrooms, two kitchens, a library and enormous patio to take in the view.
An older-style second residence is on Tanby Rd with three bedrooms, one bathroom and large shed.
"We had eight registered bidders but only had one person put their hand up," the principal of At The Beach Real Estate said.
"It's a very reasonable price."
Originally built by wealthy American businessman, Gordon Young, the mansion was said to be a request from his wife, Effie.
"Legend goes" that Gordon's wife didn't want to live in the area unless he built her something similar to their home in Virginia.
All photos taken by Rebecca O'Grady.
Mr Young reportedly came to Australia as a telecommunications expert but didn't proceed with his career.
The property originally consisted of what now stands as Keppel Bay Estate and had approvals for the rest of the land to be developed that have since expired.
The couple had children to other marriages back in the states but had a son together, David Young, who developed Keppel Bay Estate.
With sweeping views of The Keppels and a bird's eye view of the town, the property was previously sold in 2007 for $14.6 million; a huge contract to the price today.
Mr Vale said the price difference was due to a different type of market, expired development approvals and was sold within the family to son, David.
After both Gordon and Elsie died, Mr Vale said David moved away and didn't maintain the property.
"He didn't spend money on the property at all and it was eventually put into receivership," he said.
Mr Vale said he had been involved with the sale of the property for nearly eight years but legalities pushed each attempt back.
"When we first took it over it was run down but it had all this amazing furniture inside like it was trapped in time," he said.
He recalled the days when the mansion was in it's prime and how huge events were held at the breathtaking location.
Mr Vale said the new owners were excited to bring it back to that former glory, with plans in the works to transform the home into a function area.
"They'll be subdividing around the bottom of the property but there's no promises made," he said.