$42m Gold Coast mansion smashes auction records
The private auction at Bellagio La Villa in Tallebudgera Valley attracted 20 people and two bidders, and for a moment it seemed $42m wouldn’t be enough | SEE INSIDE
All of Queensland’s previous property records have been smashed after with the auction sale of a sprawling estate in the Gold Coast Hinterland which achieved a bid of $42m that almost looked as though it would not be enough.
The private auction on Saturday at Bellagio La Villa at Tallebudgera Valley attracted 20 people and two bidders.
The Italian style mansion on 49ha of land has been on the market on and off for the past two years, with billionaire Chinese developer, Riyu Li, founder of Ridong Group, doing extensive works on the property to get it ready for sale.
The unconditional agreement was left open for negotiation on Saturday after the auction, with the vendor hoping the final offer may be raised to get closer to the properties original asking price of $50m.
However, Amir Prestige group principal Amir Mian said the deal was agreed upon on Saturday morning, with deposits paid across all eight contracts that make up the property offering.
“Seller expectations were around $50m, so yes, there was a bit of an arm wrestle that needed to be done,” Mr Mian said
He said reports the negotiations had stalled were incorrect.
“I can’t deny the facts,” he said. “Yes, an offer of $42m has been put forward, the seller has acknowledged and verbally given the nod.
“It’s all agreed upon to the of course, the nuts and bolts are getting done tomorrow (Monday).”
The local buyer had been looking for a parcel of land between the Byron Bay and the Sunshine Coast, and had been in negotiations for the Tallebudgera property for quite some time
They had made an offer of $42m prior to auction which had been rejected.
The campaign was run by Mr Mian, with agents, Alex and Victoria Fleri.
Reminiscent of the grand estates dotted through Europe, the sprawling property at 49-109 Tallebudgera Connection Road was designed with elegance and grandeur in mind. Manicured gardens with statement fountains frame the 10-bedroom main residence, completed with marble floors and custom furniture.
The main residence has a 12-person dining room, a five-car showroom which converts into a ballroom, a main bedroom with a “his and hers” dressing room and ensuite and a dog-grooming salon.
Five other properties feature on the property, including horse stables and an orchid.
It is located just 10 minutes from the nearest beach and is moments away from the nearby golf course.
The strong result beats out all previous records set in the Sunshine State.
During the 2021 boomtime period, two records were set in the span of months. A with the $15.25m price achieved for a Gold Coast penthouse sale over shone by a Noosa Heads apartment which had hit the market for the first time in 40 years, selling for $16.45m in October.
The period also saw mining magnate Gina Rinehart secure the state’s most expensive real estate, a luxurious property on the ocean at Sunshine Beach which she purchased for $34m in June 2021.
It also blew the Brisbane auction record set just last year out of the water. The riverside home that once belonged to serial company director, Jim Kennedy and his wife Robin at 16 Leura Tce in the southside suburb of Hawthorne, sold for $10.21m to local Thomas family, who are now looking to build the ultimate family mansion.
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