Former pupils of Lalbert Primary School painfully watched as the hammer fell at auction day last month.
The former 124-year-old school closed its gates in 2013, after student numbers slowly dwindled as farming families left the region.
Auctioneer Noel Watson of Noel Watson Pty Ltd said there had been strong interest in the property in the lead-up to the January 28 auction.
The 8011 square metre site sold at auction for $54,000, while the adjacent sporting field was passed in and sold to a private bidder for an undisclosed amount following the auction.
“It sold for about what I thought it would,” Mr Watson said.
“They asked us prior for an opinion on the value in the range.”
A crowd of about 50 attended the auction, including many former pupils.
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