46-48 Royal Albert Cst, Sovereign Islands, is back on the market after just six months.
Baltimore, a Sovereign Islands mega mansion that sold off-market for $11m in December, is about to go back on the market for offers of more than $20m.
If it sells, unassuming owners Paul and Kim England will almost double their money in little more than six months.
A gaming casino brings an element of fun and is part of a raft of upgrades that have been made to the home.
While that may seem ambitious, the couple believe the asking price reflects the property’s true value and that what they paid for it was a stroke of good fortune.
The house was owned by US billionaire Susan Lillioja, who splashed $11m on the four-storey monolith at 46-48 Royal Albert Cst in 2006 for her daughter, who never moved in.
The mega mansion with its distinct red pillars is an iconic home on Sovereign Islands.
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In 2010, Ms Lillioja put the house on the market, where it remained, according to RP data, for almost a decade. It went back on the market in 2019, but was again taken off in May 2021.
When the Englands made their candid offer in December, they never expected it to be accepted.
It has granite flooring throughout.
“It was just a matter of timing,” said Mr England, who owns national spa company Spas Direct.
“We were renting on Sovereign and I just happened to ask the caretaker one day if the owner was interested in selling,” he said.
“The price we offered was all we had, so if the owner said no, that would have been it, we would have walked away. We couldn’t believe it when she said yes. We feel that we got a real bargain.
The garage can hold up to 15 cars.
“I mean, there has to be some value in this house. It can’t still be worth what someone paid for it in 2006.”
When compared with other recent sales on Sovereign Islands, Mr England said he didn’t feel the new $20m price tag was too ambitious.
One of the alfersco areas with a glass pool table.
Isaac and Ivy Wu of Ivy Realty, who will market the property when it is listed in two weeks, said they were surprised by the recent $11m sale.“I couldn’t believe the Englands paid the same as what the previous owners bought it for in 2006, especially in such a hot market,” Mr Wu said. “It was certainly a savvy buy.”
Property values in Paradise Point, within which Sovereign Islands sits, have risen 56.6 per cent in the past five years, according to PropTrack data. The median house value is $1.625m.
The Englands have spent quite a bit of money upgrading the seven-bedroom Baltimore, which covers more than 2000sq m on a 1440sq m block.
The entry foyer.
“The house is a solid concrete build so there’s no issue with that, but lots of things weren’t working,” Mr England said.
“Some of the living areas looked like a waiting room in a morgue. We’ve fixed all that now, and added some colour to the walls, so hopefully it feels more like a home.”
The house was sold with more than $1m in chatels, such as Louis Vuitton furniture and limited edition paintings.
As part of the upgrades the Englands, who used to live in Broadbeach and were missing the casino, decided to transform one of the rooms into a fully operational casino of their own, with a bar, full-size gaming tables and Baltimore-branded chairs and gaming chips.
“It’s just a bit of fun but it’s a great space for holding a party,” Mr England said.
The indoor pool with adjoining gym and tropical fish tank.
They also installed one of their signature double spas on an outer balcony, fitted a tropical fish tank beside the indoor pool, and added a humidor to the wine cellar, among other upgrades.
The Englands retained some of the original Louis Vuitton furniture and limited edition artwork, which were part of more than $1m of chattels that came with the sale.
The house comes with a large pontoon with direct access to the Broadwater.
While the couple say they are very happy with the home, Mr England admitted to having set his sights on an even bigger Sovereign mansion, the one owned by Riccardo Rizzi at 26-34 Knightsbridge Parade East.
“I’ve always aspired to own that house. I just need Ric to come to the party on the price,” Mr England said.
Mr Rizzi’s property on Knightsbridge Pde has been on the market for several years and was last listed in 2021 with a $50m price tag.
The outdoor double spa.
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