Andrew Winter's Selling Houses Australia described the Darwin apartment offering on its initial appearance as like a remand centre with the roofed terrace of a prison exercise yard.
It was the unsold three bedroom Rapid Creek apartment of the boilermaker Robert Crispe.
After its makeover it will feature among the LifeStyle Channel's Selling Houses Australia offerings in the show's upcoming series.
The show selects properties struggling to sell and then gives the vendors practical advice for also doing some renovation work.
This one had four on-off marketing campaigns over the past two years.
The then vast, empty penthouse apartment had been on the market since December 2010 with its pre-Selling Houses Australia asking price falling from $790,000 to $599,000, despite Darwin being in the midst of a property boom.
Show presenter Andrew Winter said the penthouse was a 1970s time capsule before its five days of glamorous renovations.
However, it attracted no bids at the recently filmed auction and has been listed with a $699,000 asking price through Shun Hatton at O'Donoghues First National.
The 151-square-metre, three-bedroom, two-bathroom 1979-built unit is being marketed as having "wow factor".
"With stunning views, this north-facing oversized penthouse is superbly located a stone's throw from the beautiful Nightcliff foreshore," it says.
"This truly is a stunning apartment in a fantastic location. Its magnificent ocean views and convenient location to all amenities including beaches, quality schools, university and transport make this an ideal home or brilliant investment property."
O'Donoghues's property managers estimate the rental to be $850 plus per week furnished.
The show will be aired at the end of March.
It last sold at $275,000 in 2003.
The block's last sale was $350,000 for a two-bedroom, one-bathroom 74-square-metre garden unit, which was recently available for $430 a week lease.