The Drummoyne home of Crust Pizza founder Costa Anastasiadis and his wife Lauren sold at weekend auction.
They have plans to trade-up to the waterfront at Henley.
Crust Pizza started as one store in 2001 up to about 120 stores 11 years later when the business was for $41 million.
The following year they spent $3.7 million on a waterfront mansion across the Parramatta River with renovations on the property since then.
Ray White Drummoyne’s Chris Wilkins and McGrath’s Aladdin Hassen were expecting $2.5 million at what was expected to be a big turnout for the auction with 15 contracts issued beforehand.
The property last traded as a far less glamorous Californian bungalow in 2008 for $1.02 million then underwent a substantial backyard renovation in 2010.
This article was first published in the Sunday Telegraph.