A palace-like mansion on the Gold Coast has returned to the market with a price tag of $33 million, which would make it the region’s most expensive property ever sold.
The acreage estate, known as Bellagio La Villa, at 49 Tallebudgera Connection Road in Tallebudgera, is the second most expensive on the market now, second to a waterfront estate at 26 Knightsbridge Paraded East in Sovereign Islandswith a $50 million asking price.
The highest sale ever recorded on the Gold Coast was the $27 million purchase of 41-45 The Promenade on the Isle of Capri in October 2020.
Bellagio La Villa is a European-inspired property boasting 2546sqm of living space of two-storeys, including 10 bedrooms, all with ensuites, as well as grand reception areas, a grooming salon for dogs or cats, a gymnasium and a heated indoor pool.
The home is surrounded by manicured gardens and fountains, and sits on a massive 10.93 hectare block, which also houses horse stables and a caretaker’s cottage.
Real estate agent Alex Caraco from Raine & Horne Elite, who is marketing the grand estate with colleague Lorenzo Badalotti, said the listing offers 27 acres of land, with a price guide of $33 million.
However, up to a total of 44 acres is available for purchase, with the owner having acquired adjoining land, for a total of $39 million.
The owner, Chinese billionaire and Ridong founder Riyu Li, purchased the 17-plus hectare property for a reported $7.2 million in 2014 from Coral Homes founders Paul and Viki Sweeney, who built the home but sold due to a marriage breakup.
Early last year, a development application by Ridong Group for a $160 million wellness project on the property, which fronts Tallebudgera Creek, including 162 villas, a hotel, restaurants, a wedding chapel, and a day spa, was refused by council following strong community backlash
The home was on the market for around two years with a different agent, originally with a reported price tag of $50 million, which was reduced to $33 million after several adjoining blocks were reportedly removed from the offering.
New listing agent Mr Caraco said it isn’t unusual for properties of this calibre to be on the market for some time.
He believes now is the right time for it to sell, with the Queensland border reopening alongside a greater focus on regional areas and lifestyle, with the growth in working from home during COVID-19.
“The property was for sale before, but the market has changed,” he said.
“During COVID, prices have increased substantially and there is a possibility that the property may sell in the next 60 days.
“Generally, these properties take 60 to 90 days in a boom market to sell, and the borders only opened [this month].
“The way the world works today, you can operate from anywhere as long as you have the internet, and a lot of people are looking at that option – moving to Queensland and running a business from there.
“The people we’re dealing with are high-end CEOs – we’ve had one billionaire enquire – and many plan to buy it as a trophy property and not necessarily live there.”
Mr Caraco said the large private estate is very unique and has generated interest from interstate buyers – particularly from Sydney or Melbourne – who can see the relative value from the more expensive states.
There have also been queries from expats returning home to Australia as well as foreign buyers, with a particular Royal Family presented with the opportunity.
“I don’t think any property like this on acreage has ever been for sale in Queensland – there is no comparable residence,” he said.
“The state of the property at the moment is ideal to be sold as is, and for a family or a couple of families to come in and enjoy the home as an estate.”
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