Glitter Strip developer sells family mansion in $16.75m beachfront deal

The waiting game has paid off for veteran Gold Coast developer Robert Badalotti, who has sold his Billionaire’s Row mansion for almost double what he paid.

Azzura Group boss Robert Badalotti has sold his Hedges Ave home. Photo: Supplied

Gold Coast developer Robert Badalotti has sold his Billionaire’s Row family home for $16.75 million, almost double what he paid for the multi-level mansion.

The Mermaid Beach property sets a blistering benchmark as the highest sale in the city so far this year.

Kollosche principal Michael Kollosche and agent Harry Kakavas secured a local buyer for the sleek Hedges Ave pad, described in the listing as “the pinnacle of luxury”.

Azzura Group boss Mr Badalotti purchased the beachfront home for $9m from Gold Coast Suns chair Tony Cochrane in 2007. Three years later, the property transferred to Mermaid Property Group for $4.1m, with Mr Badalotti listed as a director of the company.

The house was too big for its high-profile owners once their children left home

Front-row seat to the sand and surf. Photo: Supplied

The veteran deal maker, whose latest project is the $3.8b Imperial Square development at Southport, put the trophy home up for sale for $12.5m in 2019.

It has since been on and off the market with various agents, priced at up to $20m and passed in at auction in 2023.

Mr Badalotti opted to downsize from the sprawling six-bedroom, seven-bathroom home after his adult children moved out.

Mr Kakavas would not disclose the buyer’s identity, but confirmed the property was purchased by “an extremely well-known family” as a holiday home.

“The beachfront is going from strength to strength because of the limited supply,” Mr Kakavas said.

“The rich are getting richer, and the rich want what they want.

“They want beachfront and they are prepared to pay a premium for it when it does become available.”

Mr Badalotti’s latest apartment project in Southport has notched up $130m in sales in six weeks. Picture: Glenn Hampson

The deal followed an expressions of interest campaign, and completes a trifecta of mega sales on the Gold Coast since the start of 2025.

In Broadbeach Waters, a riverfront dream home on Monaco St built by Thunder From Down Under founder Billy Cross and his wife Jackie changed hands for $15.51m in January, setting a new suburb record.

Meanwhile, a jaw-dropping three-level Surfers Paradise penthouse with a rooftop pool sold for $11.5m to an interstate buyer last week.

Mr Kakavas said the Hedges Ave buyer particularly valued the corner position of the 405 sqm lot with 10m waterfrontage offering direct access to the sand and stunning ocean views.

Inside the four-storey home

It’s been on and off the market since 2019

Stone island bench and a large butler’s pantry in the kitchen

Highlights of the mansion’s four-level floorplan included open-plan living spaces leading out to an al fresco deck, an internal lift, luxurious master bedroom and ensuite with a freestanding tub overlooking the beach, sauna and steam room, library and home theatre with bar.

There’s also a temperature-controlled wine cellar, gym and basement garage, as well as an impressive kitchen fitted out with Miele appliances, stone island bench, and a large butler’s pantry.

The home has a steam room as well as a tub with a view

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“Meticulously rejuvenated, every aspect of the property exudes luxury, with premium finishes such as travertine, marble, Onyx, and Venetian plaster,” the listing states.

“The design seamlessly marries natural beauty with modern functionality, offering spaces crafted for lavish entertaining and tranquil relaxation.”

PropTrack data shows the median house price in Mermaid Beach of $3.4m was up a staggering 31.9 per cent since last year.

Hedges Ave, Mermaid Beach is the Gold Coast’s richest address

Originally published as Glitter Strip developer sells family mansion in $16.75m beachfront deal