The red sandstone apartment, at 7 Airlie Street, Hyndland, attracted 85 bids from eight competing would-be buyers.
Between them they succeeded in driving the price up from an opening bid of £120,000 all the way to £201,000, despite a Home Report valuation of just £150,000.
Timothy Lovat, of Online Property Auctions Scotland, who marketed the flat, said he’d rarely seen such demand for a property.
He revealed: “The bidding was ultra-competitive for this exceptional Hyndland apartment, which offers the perfect blend of historic charm and modern living.
“In the final nine minutes alone, there were 26 separate bids as the price rocketed from £178,000 to the eventual winning sum.
“There was huge interest even before we opened the bidding, with nearly 100 expressions of interest from around the world in the days leading up to Wednesday’s auction.
“What made this so special is the fact the flat needs complete refurbishment and renovation. There will be a fair amount of expense required before anyone can move in.
“However, it is worth noting that a similar property at 11 Airlie Street sold in November last year for £276,500.”