Tech boss pays nearly twice the valuation of old building, with plans to knock it down.
The boss of technology giant Compass Communications has bought an old backpacker hostel for $4.21 million, and wants to knock it down and build a mansion with a four-car garage, a pool and a tennis court.
Pentlands in Mt Eden was newly renovated when Englishman Karim Hussona and wife Erica bought the property at the end of last year for nearly twice its valuation of $2.35 million.
Built as a bungalow in 1921, the building has had 21 renovations since the 1940s. It became a boarding house in 1940, and was turned into a backpackers' hostel in 1989.
Floor plans for the Hussonas' new home, where they will live with their three children, show a 544sq m, two-storey weatherboard home on the 2593sq m site at 22 Pentland Ave.