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At an auction on site at Beach St last night, the house and adjoining 0.8ha of land was sold to Dunedin couple Brian and Penny Anderson for $305,000.
Bidding started at $260,000 with just one other bidder, and got to $285,000 before 10 minutes of private negotiations between the Andersons and owners the Boswell family came to a conclusion.
The property had a valuation of $300,000.
The building existed through the generosity of whaler, farmer and merchant Johnny Jones, and was first used as a schoolhouse in 1860. Mr Jones gave the timber and land for the building to be built.
Mr Anderson said the house was a part of Waikouaiti's heritage, and there was no way he would knock it down.
He said he had been ‘‘lusting'' after the property for a longtime, and had had a crib in Waikouaiti for many years.