Chinese billionaire Riyu Li sets sights at $50m for his mansion

A Chinese billionaire who began the Surfers Paradise Jewel project has put his Gold Coast mansion up for sale for a record-breaking price. SEE WHAT YOU GET FOR THE MONEY

RIYU Li, the Chinese billionaire who initiated the glamour three-tower Jewel beachfront project, has set out to be a $50 million Gold Coast residential record-breaker.

That is the figure he is chasing for his ‘stately’ mansion, Bellagio La Villa, in the Tallebudgera Valley.

Riyu Li's Tallebudgera Valley mansion Bellagio La Villa.

The 49ha property, Mr Li’s home since 2014, has been compared to a grand European estate.

He had planned a major wellness and gardens project on the property, with a hotel and 108 units, but the project was vetoed last year by the city council.

No reason has been given for the decision to sell.

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“He is happy for someone to come in and enjoy his amazing property and to perhaps capitalise on its redevelopment potential,” Amir Mian, of Amir Prestige, yesterday said.

The property is in an area laced with lifestyle blocks of 4000 sqm or more.

The record for a Gold Coast home is $27 million and stands with two beachfront homes at Mermaid Beach – one sold in 2016 by Billabong float architect Scott Perrin and the other sold last year by BreakFree holiday group founder Tony Smith and wife Simone.

Bathroom at Riyu Li's Tallebudgera Valley mansion Bellagio La Villa.

Pool at Riyu Li's Tallebudgera Valley mansion Bellagio La Villa.

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Mr Mian, who is marketing the Li home with colleague Justin Haines, said the first time he drove up the long drive at Bellagio La Villa his jaw dropped.

“I could not believe that such a palatial yet sophiscated home existed on the Gold Coast.

“It looked like the sort of beautiful building that you see as the centrepiece of lush green estates in Europe and the UK.

Entry to billionaire Riyu Li's Tallebudgera Valley mansion Bellagio La Villa.

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“The home is stately and regal and in the perfect setting.

“I was left full of admiration for those who built it and for the enhancements that have followed under the Li ownership.”

Mr Li bought the two-title Bellagio holding and adjoining land for $7.2 million in 2014 from Coral Homes founders Paul and Vicki Sweeney in the wake of their marriage break-up.

Bellagio La Villa reportedly cost more than $8 million and was built on land that cost $7 million in 2006.

Land that billionaire Riyu Li's Tallebudgera Valley mansion Bellagio La Villa sits on.

Mr Li went on to spend $7.38 million on three adjoining properties.

His holding, in addition to Bellagio La Villa, has five other four-bedroom houses.

Mr Li, via the Ridong group, is one of the largest property developers in China’s Guangdong province and has operated in Australia since 2000, initially in Sydney.

What you get for $50 million

•A two-level house that with a floor area of 2450 sqm and a porte cochere.

•Ten bedrooms, all with en suites, and including a master bedroom with his and hers dressing rooms and separate bathrooms.

•Multiple living areas, including a library and media and music rooms.

•A dining room to accommodate 16 guests.

•A heated indoor swimming pool, with spa and sauna, and a gymnasium.

•A five-car garage finished to a standard that allows it to be used as a ballroom.

•A separate caretaker’s cottage.

•Two horse stables, a large shed, an orchard, and two dams.

•49ha with a frontage to Tallebudgera Creek and close to the Tally Valley golf course and schools.