THE Country Women's Association has sold its long-held Potts Point building for well in excess of $18 million to an offshore buyer.
The result is more than $5 million above original price expectations.
The sale of the Greenknowe Avenue building was mired in controversy amid claims of censorship and bullying after a disgruntled member was threatened with expulsion for posting negative comments about it on Facebook.
CWA members told Domain that even with the $5 million extra windfall from the sale they are disappointed because the executive has said there are no plans to replace the building's residential club.
"Clearly members are still not feeling like they get a say in how this money will be utilised," one member said on condition of anonymity.
Agents involved in the sale declined to confirm the result, but a source said the sale on Wednesday followed a strong round of submissions from about a dozen buyers.
CWA members voted to sell the organisation's most valuable asset on May 22, with 73 per cent of votes in favour of the sale, given looming up-grade costs to the building estimated as high as $3 million.
Proceeds from the sale are expected to fund a new head office with lower maintenance costs.
The four-storey building on 1347 square metres has two levels of parking space. The building's Keira Wing was built in 1956 as the accommodation and office quarters of the CWA, the main club house added between 1982-84 and in 1998 the auditorium on Greenknowe Avenue was built.
It was listed in August with Ray White agents Craig Pontey, Ian Campbell and Jeff Moxham, as well as CBRE's Tim Grosmann.
State president Tanya Cameron had not returned Domain's calls at the time of publication.
