Isle of Capri mansion sold at nail-biting auction
A jaw-dropping Gold Coast mansion inspired by a tropical resort has sold under the hammer for a record $24 million.
Ten buyers bid into the night for the Isle of Capri trophy home, which took the title as the state’s most expensive residential property ever sold at auction.
The landmark main river estate on a 2,197 sqm lot with 42.1m of water frontage was rumoured to have hosted Hollywood movie star Dwayne ‘The Rock’ Johnson during shooting of blockbuster San Andreas in 2014.
It marketed by Kollosche agents Sam Guo and Julia Kuo with Claire Dai and Michael Kollosche.
Waterfront views take centre stage across three levels
Auctioneer Rob Doorey, of Apollo Auctions, fielded a total of 42 bids over more than an hour, with bidding paused at $20.1m for negotiations with the vendors before a renewed flurry of offers ensued.
The final two remaining buyers were both bidding by phone, with an Australian family triumphant as Mr Doorey called for final bids from the crowd gathered onsite on a crisp winter evening.
Mr Guo said the new owner was an “astute buyer” who purchased the property as a primary residence.
“They love the position and it suits their family,” Mr Guo said.
“They understand the location is so important, and that this was probably a once-in-a-lifetime opportunity to own a blue-chip piece of Gold Coast real estate of this calibre.”
The home was built in the 1990s by surfwear industry pioneer Doug Spong
The secluded Balinese-style mansion spread over four blocks was built in the 1990s by surfwear industry pioneer Doug Spong.
Vendors Hongbo Li and Liyan Song splashed $15.5m to take the keys in 2016, but were rumoured to have never set foot inside their spectacular new holiday home.
Mr Li said he was searching for an “iconic home” in the Glitter Strip city when he discovered the estate.
“I have always liked the Gold Coast for its weather and lifestyle,” Mr Li said.
“I was immediately drawn to its position and how grand it was.
“Its size, position, aspect and amazing views, day and night, were what led to the sale.”
The north-facing, sandstone-and-timber home unfolds behind double security gates to a foyer of full-height glazing crowned by a soaring void.
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A long list of luxury features includes a private stretch of beach, a billiards room, 7000-bottle wine cellar, in-ground spa and plunge pool, separate wet-edge pool, sauna, workshop, cinema room, and six-car basement garage.
From the entrance, two wings wrap around a central courtyard and atrium where a podium appears to float above waterways that flow inside and outside the five-bedroom, five-bathroom mansion set over three levels.
Panoramic views stretch across Adams Basin and Girung Island, while afterdark the Gold Coast’s glittering skyline takes centre stage.
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Mr Guo said the agents initially launched an expressions of interest campaign, but switched to an auction strategy at the vendor’s insistence.
“We received multiple offers during the campaign, but the owner decided to take it to auction to see what the market would bring,” he said.
About 90 groups attended the Friday night auction, with the property announced on the market when bidding hit $21.5 million.
PropTrack data shows the median house price in Surfers Paradise is $2.8m, up 1 per cent over the past 12 months.
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