Brynne and Geoffrey Edelsten's Gold Coast Palazzo Versace love nest pulled off the market at last minute

THE OVER-the-top condo that was once the love nest of Brynne and Geoffrey Edelsten was pulled from a high-profile auction at the last minute.

THE OVER-the-top condo that was once the love nest for Brynne and Geoffrey Edelsten was pulled from a high profile auction at the eleventh hour, leaving hopeful buyers angry and disappointed.

The palatial $3 million Palazzo Versace Main Beach apartment that had undergone $1.5 million worth of extravagant renovations had been up for inspection for five weeks with buyers, including some from Russia and Singapore, gathering yesterday in the hope to become the love nest's new owners.

But Prestige Properties real estate agent Lucy Cole said yesterday's auction was cancelled at the last minute due to legal proceedings in the US, where the former entrepreneurial medico Geoffrey Edelsten had filed for bankruptcy.

"Some people were extremely disappointed, some were a bit angry actually … it's just one of those things it was out of our control," Ms Cole said.

The auction at Lucy Cole Prestige Property Auction at Broadbeach was attended by over 150 people. Picture Glenn Hampson.

"We're extremely disappointed, some buyers are extremely disappointed, I'm sure the Edelstons are disappointed - we have to move forward though."

She said more than 200 buyers crowded the Prestige Properties auction house with many interested in the luxe condo that sits in the six-star Gold Coast hotel and is complete with genuine Versace furniture imported from Milan, exclusive Italian bed linen and tableware, a massive crystal chandelier and original artworks and rare antiques.

But a US bankruptcy judge ordered the 10.30am auction should be abandoned after a legal application motion by Edelsten's former US business partners.

This Palazzo Versace condo owned by Geoffrey Edelsten was to go to auction, but was pulled at the last minute.

Geoffrey Edelsten, 70, who recently confirmed his separation from 30-year-old wife Brynne filed for Chapter 11 bankruptcy last week in Ohio.

The couple attempted to sell their extravagant home, including all the furnishings.

"It's not your usual run of the mill Gold Coast apartment, it's an exquisite piece of elegance," Ms Cole said.

Edelsten love nest lock up

She said two-storey penthouse with Broadwater views included two bedrooms, two bathrooms, marble mosaics and a Mediterranean-inspired roof garden with jacuzzi.

The exclusive hotel apartment is extremely private thanks to 24 hour security, also providing constant service to the entertaining condo.

"Whatever happens in the future I don't know but if it gets moved on, the buyers will be extremely happy to have acquired it," Ms Cole said.

This home was once the Gold Coast love nest of Geoffrey and Brynne Edelsten. The couple are now divorcing.

"It really is a very special environment."