Inside the luxe lairs of Qld’s mega-millionaires
A mansion that looks like something out of a James Bond movie is among contenders for Queensland’s next record-breaking sale.
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A Gold Coast mansion that looks like something out of a James Bond movie is back on the market for $50m — a new Queensland sale price record if billionaire developer Riyu Li can pull it off.
Mr Li, who initiated the $1bn Jewel three-tower project in Surfers Paradise, stunned the real estate industry when he turned down a cash offer of $42m for Bellagio La Villa when it went under the hammer in 2023.
Now, he’s taking another gamble by trying again to sell the extravagant 10-bedroom Tallebudgera mansion on 42ha.
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It comes as Queensland’s second biggest ever sale was recorded last week when a waterfront mansion at 43 Witta Circle in Noosa Heads fetched circa $30m, with industry players now trying to guess the state’s next record-breaking home sale.
Top agents say there are plenty of properties that could set a new sale price benchmark this year — eclipsing the $34m record set by Gina Rinehart’s purchase of a Sunshine Beach property in 2021.
Besides Bellagio La Villa, other potential contenders include a 80.8ha pastoral holding in Cunnamulla, southwest Queensland and the entire Star of the Sea unit block on the Broadwater on the Gold Coast — each priced around $40m.
In Brisbane, contenders include the spectacular restoration of historic Lamb House at Kangaroo Point; a penthouse atop the Emporium Hotel; and another waterfront trophy home of Gina Rinehart’s in Hawthorne.
Brisbane’s residential record stands at $20.5m for a heritage-listed Queenslander on Welsby St, New Farm, which changed hands last year.
Patrick McKinnon of Place Estate Agents said an extravagant 1.01ha estate at Robertson, currently available for offers above $20m, could also be in line to take the title — in Brisbane at least.
The five-bedroom Musgrave Rd mansion was advertised for sale last year at $25m, before a switch to an unsuccessful auction campaign.
Other contenders, should their owners be motivated to sell, included recently renovated trophy homes along Ascot’s well-heeled Sutherland Ave, Adelaide St East in Clayfield, and Virginia Ave, Hawthorne.
“When you mention those streets, it is like a Monopoly board. They are some of the best streets in Queensland, and I have buyers who have interest north of $20m in several of the houses there,” Mr McKinnon said.
“It is just an issue of finding an owner who is willing to sell at the right time.”
Breathtaking water views, tennis courts, and multi-car garaging were just some of the features demanded by the most cashed-up homebuyers.
And Mr McKinnon said soaring home values would continue to see Brisbane clipping at the heels of its southern counterparts.
“The $20m mark has already been cracked and it is only a matter of time before it becomes the norm,” he said.
The spend to secure absolute beachfrontage is considerably higher.
Amir Prestige principal Amir Mian was behind the Gold Coast’s biggest sale so far this year, of a $28m mega block at Mermaid Beach to billionaire Clive Palmer.
Describing the 1214 sqm Hedges Ave as a “knockdown” — “they haven’t stepped a foot in it”, Mr Mian said newer builds on the coveted stretch could fetch a whopping $100m should they come to market.
“The prestige market has never been better,” Mr Mian said.
He said recent offers of between $20m to $50m for properties which were not on the market were declined by owners of landmark beach and riverfront estates.
“The current Gold Coast record is $28m, but I predict in the next 12 to 24 months this will be toppled because the high-end players who previously held all their assets in Sydney and Melbourne are now setting their sights on the Gold Coast.
“We previously had an offer of $50m on a property that was declined. The main reason sellers decline is because they don’t know where else they would go,” Mr Mian said.
Kollosche principal Michael Kollosche recently sold a 1970s unit block fronting Mermaid Beach for $11.5m — equating to a blistering square metre rate of $28,395.
“None of the larger homes or parcels on the beachfront have tested the market for some time [but] if you applied that price per square metre to some of the larger properties that exist along the beachfront, the holdings would be valued at significant sums based on land value alone.
“And that’s before considerering any improvements or house replacement values made on the land,” Mr Kollosche said.
The Courier Mail calculated ‘Tidemark’, the landmark 2,833 sqm property once owned by Billabong executive Scott Perrin in Mermaid Beach, could fetch $80.44m today based on that same square metre rate.
On the riverfront, a recent renovation by Culture Kings founder Simon Beard and his wife Tah-nee is turning heads for its lavish resort style.
The couple bought the Surfers Paradise estate for $11.75m in 2020 and undertook an incredible upgrade that has prompted rumours of a resale value of three times the purchase price.
The stunning hilltop home Eagle’s Nest which has its own 18-hole golf course built by billionaire Tony Fung is among those looking to smash records in Noosa Shire’s Tinbeerwah.
It’s listed for sale above $26m by current owner, socialite Janelle Mulder — ex-wife of mining boss Paul Mulder, who bought the sprawling 60.8ha estate six years ago off Mr Fung for $5m.
Agent Marcus Dolby of Harcourts Prestige said there was a lot of international and domestic interest, many of whom loved golf, but were also drawn by the land size to run cattle.
“It’s an outstanding property. It’s probably got the best views of the hinterland, looking at five mountains from the property, a tennis court, the private golf course. I doubt very much whether you’d get approval to do that any more. It’s quite unique. I’ve never seen a property like it,” he said of the estate at 368 Dath Henderson Road.
Ray White’s inaugural Luxury Report revealed national median price growth across all properties eclipsed that of the top 5 per cent of the market in 2023 for the first time since 2014.
The report showed strong long-term trends, with luxury house prices outpacing median prices at 84 per cent compared to 70 per cent, and 58 compared to 31 per cent for units.
“The market is experiencing an unprecedented surge in prices for prime and super-prime properties, largely driven by limited supply, as there are only so many properites that can be built in the most desirable locations near beaches, bays, and rivers,” Ray White senior data analyst Atom Go Tian said.
“Homes with unique characteristics, such as exceptional views or proximity to water, are seeing even greater price appreciation.”
Brisbane led luxury sales in 2023, with the biggest spike in transaction numbers among capital cities, while the Gold Coast was Australia’s fastest-growing luxury unit market.
Luxury house prices in the River City were up 102.5 per cent between 2014 and 2023, the report found, while the share of prestige apartment sales held by the Glitter Strip jumped nine per cent.
Brisbane’s top suburbs for house sales priced higher than $5m in 2023 were Hamilton, Park Ridge, New Farm, and Morayfield.
On the Gold Coast, Hope Island was in front, followed by Surfers Paradise, Broadbeach Waters, and Paradise Point.
Originally published as Inside the luxe lairs of Qld’s mega-millionaires
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