The former Prudential and BankSA managing director Terence Jay and his wife, Karen - a former chief marketing manager at Advance Bank in Canberra - sold in Birchgrove at weekend auction.
The five-bedroom, four-level home, they built in 2002 sold for $5,311,000, well above the $5 million reserve.
The Louisa Road house, with views of the Harbour Bridge, last sold 18 years ago for $1.1 million.
Five balconies have since been built to take advantage of the harbour views.
After an opening bid of $5 million, there was bidding between the four active bidders.
It comes with an 1100-bottle cellar.