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‘There’s nothing like it in Australia’: How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit

A mega-mansion has hit the market for a staggering price which is 500 per cent more than the owner paid for it five years ago.

The Gold Coast property is expected to fetch around $45million, a whopping profit from the $5.3million paid for it in 2013.

The home is owned by Perth civil engineer Riccardo Rizzi, who purchased the incomplete house after the previous owners ran out of money halfway through building it.

Mr Rizzi was shocked when he was able to buy the home – which had in total cost the previous owners $21.44million – for $5.3million, according to Domain.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 2

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 3

He bought the block of land next door for $1.19million so that the property would have 106-metre water front – creating the massive 26 Knightsbridge Parade East, Sovereign Islands, home.

Mr Rizzi then got all the approval he needed to continue the initial build – including the original design by the Brunei royal family architect Bayden Goddard.

The brief was a 100-year-old chateau reminiscent of Long Island, New York, or the European coastline.

The home took an incredible five years to complete – and has just now hit the market with a price tag advertised for U.S$30million to attract international buyers.

The home has a 14.5-metre high entrance lobby, formal dining and loungerooms – one of which can host up to 30 people.

There is also Australia’s only 6.5-metre tall bronze imported Italian statue of King Neptune sitting in the entrance way

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 4

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 5

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 6

The home has a Turkish bathhouse and a 30-metre pool in addition to its waterfront views.

The home’s seven bedrooms, including a master suite with his and hers baths, are all found in the East and West wings of the home.

Each bedroom has water views.

Alex Phillis, of Alex Phillis Real Estate, told Daily Mail Australia the corridor between wings it 70 metres long.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 7

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 8

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 9

‘The pictures don’t do it justice, you could drive a Land Rover through the middle without issue,’ he said.

Mr Phillis explained Mr Rizzi bought the fifth block of land to serve as a Roman garden.

‘Whoever is buying this home will have an entourage – whether it is their family, friends or business manager – and so the home needed the garden for children,’ he said.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 10

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 11

The home was about 60 per cent complete – with about $15million worth of work put in to it – and so Mr Rizzi continued with the original luxurious design.

For caretakers and staff their is a self-contained granny flat and a staff wing with a second bedroom and office.

‘I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100million easy if it was on the Sydney harbour,’ Mr Phillis told Domain.

Mr Rizzi said: ‘I don’t think this house will ever be duplicated in Australia again because it means giving up five years of your life. The true value is not in the bricks and mortar, it’s the five years of a person’s life.’

He is selling the home to be closer to his children in Perth.

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 12

How an engineer snapped up a property for $5.3M five years ago and now plans to sell the mega-mansion with a 500 per cent profit 13

 

 

 

Source: www.dailymail.co.uk

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Gold Coast

Main Beach trophy apartment relisted

Main Beach trophy apartment relisted (1)

The sprawling Main Beach, Queensland mega apartment located in the Ocean Isles complex has been listed with a $4.95 million price guide.

It’s down from its previous $5 million to $5.5 million guide.

Residence 3 is one just one of five in the 1,700 sqm beachfront complex.

The apartment at 3/3511 Main Beach Parade has been listed twice since 2018, initially seeking $6.25 million.

Main Beach trophy apartment relisted (2)

The four bedroom, three bathroom abode is spread across a single level.

The apartment features a 20 metre frontage, private pool, spa and BBQ space. It has direct beachfront access from the outdoor terrace.

Duncan Longmore and Michael Kollosche of Kollosche Prestige Agents are currently marketing the property.

 

 

 

This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.

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Developments

Ridong Group’s $160m Garden Resort in Limbo

Ridong Group's $160m Garden Resort in Limbo (1)

Ridong Group’s $160 million garden resort on the Gold Coast should be built elsewhere according to council officers.

A decision on the application for the 50 hectare development in Tallebudgera is expected to be made next week with council officers raising many concerns at a preliminary meeting.

Hundreds of submissions were made against the development application and a public rally attracted more than 400 people in December.

Ridong, a Chinese development company based in Zhuhai and one of the original developers for Jewel resort in Surfers Paradise, put forth the application for the wellness retreat in September 2018.

Plans on the 50 hectare site at 49 Tallebudgera Connection Road included 162 villas, 98 hotel rooms, four restaurants, a wedding chapel, day spa with 32 treatment rooms, museum, gallery, gardens and private lake.

Ridong Group's $160m Garden Resort in Limbo (2)

DBI architects were behind the design, which previous projects include $1.7 billion Etihad Towers in Abu Dhabi, the $1 billion Jewel and the $200 million Infinity in Brisbane.

Council officers raised a number of concerns at an Economy, Planning and Environment Committee meeting.

“The proposed development is considered to present potential economic benefits through employment opportunities and tourism related revenue,” stated in the agenda.

“However, officers do not consider that these benefits are site specific and could be provided in a more suitable location.

“Further, the applicant has not demonstrated a ‘need’ for the development to be located at the subject site.

“Officers acknowledge that the proposed development includes components which could provide a benefit to the city, however, do not believe that these benefits warrant the approval of this application as officers believe such a development could be provided in a more suitable location.”

A final determination on the plans will be made when it goes to a full council meeting on February 18.

 

 

This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.

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commercial

Gold Coast hotel sold to Thai group

Gold Coast hotel sold to Thai group (1)

The Thai-based Minor Hotel Group has acquired the Gold Tower on the Gold Coast in a deal brokered by CBRE Hotels agents Wayne Bunz and Hayley Manvell.

Minor Hotel Group has expanded its portfolio on the Gold Coast with the purchase of the Gold Tower.

The hotel owner and operator has acquired the management letting and caretaking rights and freehold of the management lot of the 22-storey property, which is located on the Gold Coast Highway.

It has subsequently rebranded the site under Minor International’s Oaks Hotels, Resorts & Suites brand, as the Oaks Gold Coast Hotel.

The sale means the 108-key hotel joins Oaks Calypso Plaza and Avani Broadbeach Gold Coast Residences as the other Minor Hotel Goup locations in the area.

CBRE Hotels agents Wayne Bunz and Hayley Manvell handled the transaction on behalf of a private Singaporean investment group.

Mr Bunz said the Gold Coast remained a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.

Gold Coast hotel sold to Thai group (2)

“Demand for quality hotel assets in leisure-orientated locations such as the Gold Coast have attracted strong interest from international investors,” he said.

“Australian hotels are seen as an absolute safe haven for international investors due to favourable investment conditions and record low interest rates, while the low Australian dollar offers substantial value and favours inbound tourism.”

The Oaks Gold Coast Hotel was recently refurbished and features meeting rooms, a swimming pool and views of the new Jewel development, as well as the Gold Coast’s beaches and hinterland.

Minor Hotels Chief Operating Officer Craig Hooley said the acquisition further enhanced the rapid expansion of the company within the region.

“Within close proximity of Cavill Avenue, Oaks Gold Coast Hotel is the ideal base for those wanting to stay near the action while enjoying the comfort, freedom and space of Oaks hospitality,” he said.

 

 

Source: www.thehotelconversation.com.au

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