Gold Coast real estate: Mermaid Beach home sells for $25m

The massive sale equals the Queensland record for a completed house.

A $25 million Mermaid Beach sale equalling a Queensland record for a completed house is being termed a giant adrenaline shot for the Gold Coast property market.

The sale involves the beachfront family home of BreakFree accommodation group founder and ex-AFL footballer Tony Smith plus his wife Simone.

The buyer is a businessman from elite Melbourne suburb Toorak.

The sale equals a Queensland record. Picture: Supplied

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The price matches the figure former major Billabong International shareholder Scott Perrin achieved on the Mermaid beachfront in 2016 for his Tidemark mansion.

The only higher residential sale has been $27 million paid in 2008 for four beachfront Mermaid lots that slipped out of Smith control during the GFC.

Harry Kakavas, the prestige agent who handled the Smith sale, yesterday said the $25 million deal, given that it was made during the COVID-19 crisis, was an enormous endorsement of the Gold Coast and its lifestyle.

The beachfront family home of BreakFree accommodation group founder and ex-AFL footballer Tony Smith and wife Simone at Mermaid Beach has sold for a record $25 million. Picture: Supplied

“It’s more than a confidence boost – it’s a very big adrenaline shot. “Nobody who can afford to spend $25 million does so without absolute faith in the property and the location.

“The Gold Coast is a winner when people of this calibre bring their money to town top buy landmark properties.

“Invariably, others see what’s happening and head here too – we’ve seen that happen with three Melbourne billionaires who have bought on the Mermaid beachfront.”

A drone photo of the spectacular home. Picture: Supplied

Valuer Tod Gillespie, a director of Herron Todd White, yesterday said it was encouraging for the Gold Coast market to see luxury homes transacting at such price levels as the Smith home.

“The market will take confidence from the top end of town paying record prices for high-value assets.”

The sale of the home has been described as an “adrenaline shot” for the market. Picture: Supplied

Mr Kakavas said Mr Smith approached him to sound out potential buyers after noting his role in two recent sales in Multi-Millionaires’ Row, Hedges Ave – one for $11.25 million and the other for $11 million.

“The Melbourne buyer has indicated the house will be a holiday home for he and his family.”

The Smith house, with a floor area of 1000 sqm, has four ensuite bedrooms, a self-contained granny flat with lounge and north-facing pool with built-in trampoline. It has views north to Surfers Paradise and south to Coolangatta.

The property, held by Mrs Smith, is on a 2112 sqm site at the head of Heron St.

She paid $12 million for the property, then home to the 17-unit Mermaid Lodge low-rise, in 2014 in a deal also involving Mr Kakavas.