Gold Coast property: Deal on Hedges Ave property falls through after $35m offer

A deal that could have seen the Gold Coast record for a house smashed hasn’t gone ahead on the city’s richest stretch of road. But there could still be life left in the sale.

A DEAL that could have seen the Gold Coast record for a house smashed hasn’t gone ahead but the fat lady might yet sing.

It involves a mansion spread over four lots on the beachfront in Mermaid Beach’s Multi-Millionaires’ Row, a house with a chequered past.

An offer of $35 million apparently has been made for the home and later upped by a couple of million.

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33 Hedges Ave, Mermaid Beach. Picture: Quentin Tod.

The owners, drilling industry veteran Peter Mitchell and wife Deidre, haven’t had the mansion on the market and it seems they rebuffed the approach.

There are indications, though, that if the aspiring owner drilled a little deeper into his wallet, and perhaps added a four to the front of the offer, they might consider selling.

The Gold Coast record for a house is $27 million and, ironically, it’s for the same property and was achieved when it was part-built.

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Tidemark, which was owned by Scott Perrin.

That sale looked to be in potential danger when former Billabong investor Scott Perrin put his Tidemark mansion in nearby Albatross Ave on the market in 2016 after knocking back a tad over $50 million before the GFC.

The Perrin beauty sold to Manny Stul, the man behind international hit kids’ toy Shopkins, for $25 million.

The Mitchell home was initiated by the founder of the BreakFree accommodation business Tony Smith and started in 2007 on four lots that cost $27.3 million.

The GFC and the failure of the MFS group, which had bought BreakFree, saw Tony caught short and he lost control of the part-built mansion.

33 Hedges Ave, Mermaid Beach. Picture: Quentin Tod.

The former AFL star had a large interest in MFS and is believed to have lost $50 million in one day when the shares plummeted.

Later-to-be battered IT entrepreneur Daniel Tzvetkoff paid a Queensland record $27 million for the property in 2008.

Tony later was to say that Daniel had bought the property for less than land value – “it (the sale) makes me look like a genius, selling a concrete stab for $27 million”.

The Mitchells paid $17 million for the No. 33 Hedges in 2009 and went on to finish the mansion and complete its tennis court.

Daniel Tzvetkoff. Picture: Adam Head

Tony Velissariou, the agent who is believed to have served the offers up to the Mitchells, wasn’t saying boo last week.

He’s the fellow who in December sold two other Mitchell properties in the street, on adjoining lots and destined to make way for a new home, for $10.3 million.

That sale ostensibly puts a value of close to $21 million on the land upon which the Mitchell home sits, and maybe more if there’s a premium on four adjoining lots.

The home was reported to have a build cost of $31 million when the Smith exercise started.

Peter Mitchell and his wife bought the property on the heels of the sale of their Mitchell Drilling business for $150 million.

They’d started the business in 1969 after spending their life savings on a second-hand rig.

Meanwhile, there’s no sign of success in attempts to sell two other potential record-breakers.

Both are on Sovereign Islands and were marketed last year at $45 million and $30 million.