Selling agent Ivo Kornel of Belle Property — New Farm said the home sold to a prominent name in the construction industry for $4.05 million. Mr Kornel said the buyer had been looking for something in Teneriffe for a year and a half, but could not find anything suitable until now.He said he planned to renovate the property and build his “dream house” for his family. This house at 40 Teneriffe Dr, Teneriffe, was on the market for the first time in 53 years.The property on Teneriffe Hill had been in the same family for more than half a century. RELATED: New high for Brisbane house price This house at 40 Teneriffe Dr, Teneriffe, has sold for the first time in 53 years.ONE of Teneriffe’s most historic homes has sold for the first time in 53 years for more than $4 million in cash, in another sign Brisbane’s prestige property market is on fire.But the new owner is going to need to fork out even more money to restore the grand house to its former glory. The kitchen in the house at 40 Teneriffe Dr, Teneriffe.Teneriffe is Brisbane’s most expensive suburb, with a median house price of $1.67 million according to the latest Corelogic data. One of the five bedrooms in the house at 40 Teneriffe Dr, Teneriffe.He said she had hosted an annual Christmas party for the Teneriffe Hill residents — a tradition that the new owner planned to continue in the future.“This is one of the great homes — and positions — of Brisbane,” he said.“It’s elevated, up on Teneriffe Hill, river views, northeast aspect, it has the only drive through driveway in all of Teneriffe/New Farm. “To get all of those things on over 1000 sqm is as rare as hens’ teeth.” MORE: Model, rapper return to Brisbane Inside the house at 40 Teneriffe Dr, Teneriffe.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoThe house has five bedrooms and two bathrooms and sits on a huge 1065 sqm of prime real estate.Mr Kornel said the home’s previous owner, who was in her 70s, had raised her family there but it had become too big for her alone. Inside the house at 40 Teneriffe Dr, Teneriffe. Mr Kornel said the circa 1908 home attracted 25 groups at its first open inspection, with a mix of families and young couples who were planning to have a family.Local developer Frank Licastro and his public relations executive fiancee, Kaitie Mulherin, were among the prospective buyers looking at the home.“You also have those buyers, who are caretakers you could say, who would buy something like that to say they once owned it and be part of the history of the house,” he said. A view of the side of the house at 40 Teneriffe Dr, Teneriffe.