Big money: Inside Qld mansion that could test auction record

A Brisbane mega mansion could test the Queensland auction record next month, just weeks after a Gold Coast residence set a new benchmark when it sold under the hammer for $24 million.

A Brisbane mega mansion could test the Queensland auction record next month, just weeks after a Gold Coast residence set a new benchmark when it sold under the hammer for $24 million.

Located in Roberston, the extravagant 1.01ha estate is owned by Australia’s biggest shopping centre family.

685 Musgrave Road, Robertson, is poised to smash the Qld auction record

Publicly-available property records show that Michael Fu, who has his postal address listed as Sunnybank Plaza, one of over 20 centres owned by the Fu and Lin families under their YFG Shopping Centres (Fu) and Trondage Enterprises (Lin) portfolios, is the owner of the grand digs.

Michael is the son of Queensland rich-lister Gordon Fu.

It is on 1.01ha just 13kms from Brisbane CBD

The families have ownership of centres including Australia Fair on the Gold Coast and Toowong Village and Tower in Brisbane, plus a whole host of suburban shopping malls.

YFG Shopping Centres is the largest private owner of shopping centres in Australia.

Only Westfield owns more centres.

It has ornate gardens

Initially listed for sale by negotiation, marketing agents Patrick McKinnon and Drew Davies of Place Ascot decided to switch tack to capitalise on the big money swirling around for prestige properties by taking the property to auction.

The decision comes after 10 cashed-up buyers battled into the night for a Surfers Paradise tropical-style mansion rumoured to have hosted Hollywood royalty which recently sold under the hammer for $24 million.

The result smashed the previous auction record set in April when 130-year-old Amity in New Farm sold for $20.5 million.

But the Robertson auction could relegate both mega sales to the history books, with the new marketing push revealing it “will be sold at auction, if not sold prior”.

The indoor pool

The most expensive piece of Queensland real estate currently listed for sale is Bellagio La Villa at Tallebudgera, which is seeking $36 million.

Bellagio La Villa is listed for $36 million

While it is illegal to reveal an auction reserve in Queensland, the Robertson mansion rivals some of the biggest and most exclusive estate to hit the market in recent times.

Mr McKinnon said that high-end buyers were “enjoying” the competition and transparency of auctions, adding that nine out of the 10 buyers of the Surfers Paradise mansion had missed out.

“Hopefully, they may consider a move to Brisbane,” he said.

“Honestly, this property doesn’t compare to anything else other than maybe a Miami mansion.

“You could be anywhere in the world at that estate.”

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685 Musgrave Road, Robertson, Qld 4109, , ,

The sprawling residence has five opulent bedrooms, five luxe bathrooms, bespoke chandeliers, multiple living and dining zones, dual offices, a home theatre and an abundance of terraces and alfresco dining options.

There is also a championship-sized tennis court and a pool house that includes a 25m pool, spa and cold plunge pool, plus his and her bathrooms and kitchen facilities.

The tennis court

Fully-fenced, the property has manicured gardens, including Bluetooth-enabled water fountains.

Property records show that the sprawling estate was purchased for $5.9 million in 2005, 18 years before the recent boom.

685 Musgrave Road, Robertson, Qld 4109, , ,

M McKinnon said it was "crazy” the amount of buyers and big money money flooding into the Queensland market.

He said they had received several written offers under the previous campaign, mostly from Asian buyers located overseas and interstate.

“They are looking for a home but, and it would a shame, land subdivision is also a huge factor,” he said.

Roberston is about 13km from the Brisbane CBD.

685 Musgrave Road, Robertson, Qld 4109, , ,

The 685 Musgrave Rd property will go to auction at 6pm on August 23 at Place HQ in Fortitude Valley.

59 The Corso, Isle of Capri, recently sold at auction for $24 million

Originally published as Big money: Inside Qld mansion that could test auction record