A rare Rose Bay mansion in Sydney's eastern suburbs has sold for $45.1 million, setting what is believed to be Australian record for the most expensive home sold at auction.

The grand Georgian Revival home was built in 1935 and sits on a 2536-square-metre block.

Known as 'The Knoll' due to its elevated position, it overlooks the Royal Sydney Golf Club.

Richardson and Wrench Double Bay's James and Michael Dunn handled the sale on behalf of the Burns family, who have held the prestigious property for 60 years.

The late vendor, Elizabeth Burns, died last year. She was a descendant of Sir James Burns, founder of the merchant company Burns Philp.

Michael Dunn told 9news.com.au it was a "very competitive auction".

"The property was called on the market at around $40 million and it had exce

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