Worst house, best street: 18 bidders vie for unfinished mansion in prestigious riverfront address

170 Monaco St, Broadbeach Waters sold under the hammer
AN unfinished mansion which sat untouched for 20 years on one of the Gold Coast’s most prestigious riverfront streets attracted 18 bidders when it went under the hammer.
About 100 people – many curious locals – gathered for the weekend auction, where 170 Monaco St, Broadbeach Waters sold for $1.705 million.
Marketing agent Mitch Palmer, of Ray White Broadbeach Waters, said the four-bedroom, three-bathroom home with a commanding brick facade was the “classic worst house on the best street”.
View of the house from the water
Needs serious TLC
Where’s the luxury finishes?
“Yes, it needs some serious TLC, but this is a rare opportunity to take this blank canvas to the next level,” the listing stated.
Mr Palmer said he was inundated with interest for the forgotten home, despite market trends of the last quarter showing buyers gravitating towards new or recently renovated homes over fixer-uppers.
“There’s no ceiling in the kitchen, holes in the walkway, the carpets are gone and it’s got no driveway,” said Mr Palmer.
“The pool is just a shell, and it’s all been left in disrepair for the last 20 years.”
Don’t look up here
The buyers could make something beautiful of these windows
While the “big and tall” street frontage is somewhat presentable, interior walls and floors throughout are stripped, except for in one green-tiled bathroom, and the rear gardens are tangled with weeds.
While Mr Palmer didn’t disclose details about the circumstances of sale, public records show the property was last sold to Inge Brossmann for $217,000 in 2000.
A house was built two years later.
Regarded as Gold Coast real estate royalty, Monaco St has been home to several CEOs and entrepreneurs, including nightclub boss Billy Cross and wife Jackie, and SEEK website CEO Andrew Bassett.
The pool was never finished
…but you have this as your backyard
“Rarely does a waterfront opportunity with this much potential hit the market, and this is widely regarded as Broadbeach Waters’ most exclusive street,” Mr Palmer said.
The highest sale on record in Monaco St was $14.5m for a glamorous double-storey Beverley Hills-inspired mansion designed by Jared Poole and built in 2019 on a 2,390sq m parcel with 11.5m of Main River frontage.
Property records show it was sold to Sharon Cummings in October 2021.
Mr Bassett paid $12.8m in January 2021 for a humble three-bedroom house on a 1813 sqm waterfront parcel in an off-market deal negotiated by Kollosche’s Michael Kollosche and Jay Helprin.
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And Gold Coast entertainment industry couple, Mr and Mrs Cross, sold their
lavish estate on a prized 2,531sq m allotment for $12.5m in January 2021.
While Monaco St is one of the city’s best-known addresses, it doesn’t make the cut among the top 10 most expensive streets on the Gold Coast.
Mermaid Beach’s Hedges Ave – or ‘multimillionaires’ row’ as it’s known locally – takes the honours with a median sale price of $5.962m over the last three years to January 2023, Ray White data shows.
Next was Admiralty Dr, Surfers Paradise ($4.995m median), then Jefferson Lne, Palm Beach ($4.387m), and Commodore Dr ($3.905m).
Jared Poole designed this spectacular mansion sold in 2021
The $14.5m price was Monaco St’s highest sale

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