Boarded-up Nunthorpe Grange farmhouse sold for £715,000 at auction on Thursday, October 28 after it was listed with a guide price of £415,000.
The home and outbuildings, which are owned by Middlesbrough Council, were put up for auction by estate agent Michael Poole.
It has been empty since 2018 when the former tenant, a farmer, vacated the property.
Ahead of the executive meeting in August, where the sale of the property was agreed, Middlesbrough Council said the home would be sold with a reserve price of £460,000.
Speaking at that meeting, Mayor Preston said: “It sounds like there are three benefits to this. One is that an eyesore, that has been empty for three years, and I understand is currently boarded up, is going to be dealt with.
“Secondly, it will bring some revenue for the council, which is great, but, as importantly, it will bring some revenue for the local community, because if this sells above our value then there will be a 3 per cent contribution to the local community”.
Middlesbrough Council has made nineteen commitments to the people of Nunthorpe and one was that the community would receive a contribution of at least 3% if the council sells land for development.
Nunthorpe councillor Mieka Smiles supported the sale of the property at the executive meeting in August as people who live in the area were concerned that it could be targeted by vandals.
However, she did raise concerns that a business could run out of the buildings though Coun Smiles said she had been assured that changes of this nature would be required to go through the normal planning process.
There is a restrictive covenant in place to stop the farmhouse from being divided up and developed into numerous properties.
The property has four bedrooms, two bathrooms, an entrance hall, living room, dining room, kitchen, utility room, office, and a cloakroom.
There are also a number of outbuildings across the 2.37 acre site, which are included in the sale.