A house in Lutherville, Md., once owned by former Old Court Savings & Loan president Jeffrey A. Levitt was sold at auction yesterday to an unidentified buyer for $395,000.

The highest bid was submitted by Arvin E. Rosen, a Baltimore lawyer who told Michael Fox Auctioneers Inc. he was acting on behalf of a client whom he would not name.

Proceeds of the sale will be used to pay back Old Court depositors, whose accounts have been frozen since the thrift collapsed in May 1985. Levitt is serving a 30-year prison sentence for stealing $14.7 million from Old Court.

Bidding started at 1:35 p.m., with the auctioneer asking for $400,000. There were no takers at that price, then someone bid $250,000. Bidding inched up for 20 minutes until Rosen submitted the high bid.

Rosen refused comment and immediately walked into the house to sign documents.

About 200 people attended the auction, but about three-quarters of the crowd comprised reporters and the curious. Rosen stood inconspicuously under a tree to the right of the crowd.

The contents of the Lutherville house, including slot machines, a golf cart built to look like a Rolls-Royce motor car, and a glass piano with two broken mirrors, were auctioned separately yesterday.

A man who said he did not play golf and did not want to learn the game bought the golf cart for $1,500. The glass piano went for $450.