The massive Ryans Road site in Tallebudgera Valley sold for $4m.
A Gold Coast billionaire has offloaded a massive 162ha block of land, taking a 33 per cent haircut on the listing price of the site of his failed extreme adventure park dream.
Riyu Li, a property developer whose company Ridong was behind the creation of the luxurious Jewel triple towers, had originally paid $3.5m for the “mega mountain site” in Tallebudgera, 35 minutes from Surfers Paradise.
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The forested site has 14km of 4WD track.
There are industrial sheds on site.
He’s had it listed for sale since October 2019, putting a $6m price tag on it in January 2021 just before the Covid pandemic hit – with property records showing he has finally sold it for $4m via Debbie Frizelle of Raine & Horne Broadbeach.
The property was listed for sale after his wellness retreat/adventure park plans for the site, which included a 2.33km zip line, a luge to speed down the mountain and 14km of 4WD track, were knocked back by the Gold Coast City Council.
Riyu Li had hoped to turn the area into a large natural adventure park.
His stunning Bellagio La Villa in Tallebudgera is also for sale.
The billionaire, who made his original fortune in Chinese property development, is no stranger to playing the long game in real estate, with his “irreplaceable” European-inspired Tallebudgera mansion Bellagio La Villa patiently waiting on the market since the start of this year for the right buyer.
Mr Li had bought the 17.81ha Bellagio La Villa off Coral Homes founders Paul and Vicki Sweeney in 2014 for $7.2m in the wake of their marriage break-up and spent a small fortune adding to the property.
The home is one of the best in Queensland.
The special structure created for the indoor pool is stunning in itself.
Mr Li turned the 10 bedroom, 10 bathroom, 10 car space property into a 14 bedroom, 12 bathroom, 17 car garage estate, which he originally wanted $50m for when it first listed – a price that would have been a record for Qld if achieved.
Since the start of this year, he has adjusted his expectations, listing it with Amir Mian and Alex and Victoria Fleri of Amir Prestige Group Mermaid Beach with a price of $33m – a figure that’s $1m under the Qld house price record set by Gina Rinehart in Sunshine Beach in 2021.
No expense was spread in this home.
It also has water access.
The current Amir Prestige listing on realetate.com.au describes the property as “the most elegant estate the Gold Coast has ever seen”, designed by Michael Witty, landscaped by Paul Bangay and interior designed by Eleanor Davis.
It has a ballroom that doubles as a luxury car showroom, a state-of-the-art kitchen with a walk-in cold room plus a second catering kitchen, a heated indoor pool with spa and sauna, a gym, separate three bedroom guesthouse and a pontoon with ocean access.
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