A DERELICT city centre building made famous by an urban graffiti artist sold at auction for almost £50,000 over the guide price.

The White House pub, on the corner of Berry Street, where Banksy painted a giant 30ft rat holding a marker pen, was bought for £114,000 yesterday.

Despite carrying a guide price of between £70,000 and £80,000, four bidders battled past the £81,000 mark to try to secure one of the city’s most famous landmarks.

Kirkby-based business partners Billy Palmer and Sina Moradian eventually emerged victorious, saying they were keen to preserve one of Banksy’s largest authentic artworks.

Mr Palmer, a 39-year-old builder, said: “We knew we were going to get it – it was just what we wanted.

“We saw it quite a while ago, but were waiting for it to come up at the right price. It was quite cheap in the end.

“We are not fans of Banksy, but we are keen to keep it. We will have to see how it goes with the rest of the works.”

Mr Moradian, 24, who owns the Funky Box nightclub, in Fleet Street, said: “We were looking for a freehold property and this has a good location and good investment potential.”

Joking about the elusive Bristol-born artist, he added: “We are keen to keep the rat. I might try to get in contact with Banksy and ask him to come and re-do it once we are ready to paint the outside.”

The two men plan to start work renovating the building in the next couple of weeks.