The most expensive property sold in Adelaide in 2012 was almost nine times the area’s median house price.
According to RP Data, the median house price in Glenelg North is $525,000.
But the luxury property settled on Boxing Day for $4.6 million, narrowly beating the second most expensive property sold by $100,000.
The three-level waterfront house features five bedrooms, six full marble bathrooms, an eight-person elevator, six private balconies with water views and a saltwater lap pool.
Toop & Toop Real Estate agent Lew Toop, who sold the property, told News Limited the house was "exquisite".
"It is a really nice home and it's quite unique to get a home built only three or four years ago and offering a lot of accommodation and two marina berths," Mr Toop said.
"The fact that you actually own a piece of water where you could park your boat ... that's probably the most significant thing about it."
Mr Toop also told News.com that buyers were not put off buying top-end homes during the usual slowdown over the Christmas and New Year week.
"When the buyer comes along and is looking for that sort of product, it doesn't really matter what the timing is," he said.