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.
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
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.
‘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.
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.
The Gold Coast trophy home that stands to make $38.7 million profit in six years
The morning that 26 Knightsbridge Parade East, Sovereign Islands went up for auction, Perth civil engineer Ric Rizzi awoke and thought to himself the bidding would likely start at $12 million.
It was 2013 and the landmark Gold Coast waterfront property, which had fallen into mortgagee hands halfway through being built, had reportedly already cost its local owners $21.44 million.
Designed by the Brunei royal family architect Bayden Goddard, the brief had been to create a chateau that looked 100 years old and suited the European coast or Long Island, New York. The house was majestically sprawled over four blocks of land that cost $9.44 million in 2005, and had an initial construction cost of $12 million before its owners were evicted with only half the house completed.
Mr Rizzi turned up at the auction expecting to snag a bargain but even he was completely shocked when the hammer fell at $5.3 million, with him the final bidder.
“It was bizarre. When the realisation came that there were no other bidders, that was a sensational feeling. I looked at the top of the entrance hall that stands 14.5 metres above the ground and it was almost like a sign from heaven that it was meant to be,” he said.
“In what world do you actually buy a house like this for significantly less than the land value? It was a total leap of faith; I didn’t think about what it would cost to finish, whether it was a good or bad decision and normally I’m an ultra conservative civil engineer.
“To take on a project was left field for me at the time but the whole thing just happened in milliseconds so I took it as a sign from God it was meant to be.”
Shortly after buying the mansion, Mr Rizzi was able to purchase the adjoining lot next door for $1.19 million and amalgamated all five blocks on to one massive title, giving the property a whopping 106 metres of north-facing water frontage.
He then spent 12 months compiling all of the documentation – building licences and approvals – and re-instating the consultants and builder who had originally worked on the house.
Once that was in place, finishing the house took a whopping five years to complete.
“One of the carpenters spent five years of his life working on this house. The tiler laid more than an acre of tiles during that time. It was an absolute labour of love,” Mr Rizzi said.
“The house was never really a project to make money. It came to me in the most bizarre way and I’ve always viewed it as being a sign of the success in my life, versus just a trophy.”
While Mr Rizzi may not have set out to make money, it will come to him anyway. The house is once again up for sale, albeit this time finished, and with a jaw-dropping price tag to match its palatial size – it’s listed for $US30 million (about $AUD 44 million).
Marketing agent Alex Phillis of Alex Phillis Real Estate said the property was listed for sale in US dollars because it was likely the buyer would come from overseas.
“Buyers from Singapore and the Middle East work in US dollars, so we’re just making it easy for them,” he said.
“I’m already fielding inquiries from overseas – this is a house that will go viral.”
But he wasn’t ruling out a local buyer, pointing out there were plenty of wealthy people in Australia who had eyeballs on it.
“This house is phenomenal on a national scale. Certainly, this is the most incredible house on the Gold Coast but I don’t think there’s anything like this in Australia, based on the construction alone,” he said.
“I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100 million easy if it was on the Sydney harbour.”
Some of the house’s incredible features include seven bedrooms, nine bathrooms, custom copper doors, a Turkish bathhouse, eight-metre high ceilings, a 30-metre swimming pool and imported French oak flooring.
The 14.5-metre high entrance lobby features Australia’s only four-metre tall, bronze, imported Italian statue of King Neptune, which took carpenters two days just to unpack it. If you’ve got a few cars, there’s a 568-square-metre waterproofed sprayed concrete basement with 12 car parks, wine cellar and a workshop.
“To give you an idea of how big this house is, we needed a drone to video the inside of the house,” Mr Phillis said.
“The east and west corridors are 80 metres long. The corridors are that high and that wide, the scale of it is just incredible.”
Mr Rizzi said he had lived in the house and loved it but with all four of his adult children now back living in Perth, he wanted to move back to the west coast to be closer to them.
“What it came down to, at the end of the day, was it was just too small for me,” he laughed.
“Seriously though, Scott Tyne [the original owner] was a visionary. I fulfilled the way I believe Mr Tyne would have wanted it and I hope the person who secures it truly appreciates what it actually is.
“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.
“And it probably cost me the cost of a Volkswagon Polo in paint sample pots. A lot has gone into this house. I want to see it loved and enjoyed.”
REVEALED: The Gold Coast suburbs where house prices have surged
It’s been revealed that the humble Gold Coast suburbs of Jacobs Well, Paradise Point, Surfers Paradise and Tallebudgera Valley have recorded a surprising surge in house value.
According to new data from the Real Estate Institute of Queensland, the value of properties in the four suburbs went up between 10 and 21 per cent in the past year to June.
It’s a stark change to the rest of the Gold Coast, which saw the average price of a property in the city fall by 1.6 percent in the last quarter and 0.5% in the past year.
Despite property prices softening, the Gold Coast was still the third most expensive local government area for houses, behind Brisbane and Noosa.
The June quarter saw the median sale price of homes on the Gold Coast drop to $615,000, which is $65,000 less than the average price of a home in Brisbane. Noosa took out the top spot however, with a median sale price of $733,750.
REIQ CEO Antonia Mercorella told myGC that a large amount of Gold Coasters were sitting on gold mines, with a number of million dollar plus suburbs across the city.
The beachside suburb of Main Beach topped the list, with a median house price of $1.5 million in the last quarter.
“Main Beach is always a very popular one and tends to sit right at the top of the pack, but also Mermaid Beach and Surfers Paradise, they’re all in that million dollar club as well as Paradise Point, Runaway Bay and Broadbeach Waters.”
Ms Mercorella revealed the future for homeowners in Clear Island Waters and Hollywell also looks very promising.
“There are a couple of suburbs that are just starting to slightly nudge their way towards that million dollar mark, so those are places like Clear Island Waters and Hollywell, so they’re sort of the top performers on the Gold Coast,” she said.
Over the past five years, the Gold Coast increased its median house price by 26.9 per cent, up from $490,000 at the start of the period.
Developer Pulls Together Monster Surfers Paradise Site
Gold Coast property identity Craig Perry has negotiated call option contracts for more than 60 individual properties in Surfers Paradise, amassing a 8,402sq m site that could fetch more than $100 million.
Perry spent three and a half years in negotiations with individual property owners, amalgamating 66 titles and two existing management rights contracts for the site neighbouring the under-construction $1 billion Jewel project.
Perry, who led a campaign for the controversial development of a cruise ship terminal at The Spit, has brought the site to market with the goal of securing a joint venture partner or funding for a development scheme.
“Our team is currently exploring the highest and best use for the land,” Perry said.
“Its sheer size requires us to seek to partner with a funder or developer capable of undertaking a project of this magnitude.”
The site, which boasts 77 metres of uninterrupted beach frontage, is one of the largest amalgamated land parcels that has come to market on the Gold Coast since the Perry-led Foresight Acquisitions pulled together 71 titles on Old Burleigh Road in 2006.
The purchase of the Old Burleigh Road site was funded by failed property financier City Pacific, which later offloaded the 11,350sq m land parcel to Hong Kong-listed Ridong Group for $81 million in 2009.
Ridong then partnered with Chinese developer Yuhu Group on the development after Yuhu acquired Dalian Wanda’s $1.13 billion of Australian property interests.
Earlier this year, Yuhu picked up a neighbouring 1,264sq m site to the south of Jewel for $11.25 million.
Industry sources said that while the parcel amalgamated by Perry could be worth up to $15,000sq m, the traditionally resilient Surfers Paradise market had softened as investors turn south toward Burleigh Heads and Palm Beach.
- Property Management4 years ago
7 Common GST Mistakes On Property
- Residential3 years ago
Ipswich Proves Frontier In Affordable Housing
- Infrastructure2 years ago
Decision on horizon for key marina section of huge North Harbour development at Burpengary
- Developments2 years ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
- Market Place2 years ago
How to make $1 million ‘flipping’ houses
- Infrastructure3 years ago
Ikea looking for 250 staff to fill roles at new North Lakes store
- Market Place2 years ago
Seaside suburbs the star performers of southeast Queensland property market
- Opinion3 years ago
Are we headed for a housing crash — or not?