26-34 Knightsbridge Parade East, Sovereign Islands, handed in at public sale on the weekend


Essentially the most anticipated public sale of the 12 months led to an anti-climax yesterday when Gold Coast mega mansion 26-34 Knightsbridge Parade in Sovereign Islands handed in at $28 million.

About 100 individuals turned out to see if the landmark property, which the proprietor, civil engineer

The landmark property has been available on the market earlier than for $45 million.


Riccardo Rizzi, has beforehand listed for $45 million, would break the Queensland home value report of $25 million.

MORE NEWS
COVID property boom could push QLD home prices up 20pc

Energy mogul Philip St Baker’s St Lucia home sells for $4.5m

Sex sells: Buy this Brisbane brothel and earn $67k a year

The scene couldn’t have been extra completely set: the solar was shining, ferraris, Bentleys, Vary Rovers and Aston Martins lined the streets exterior the property and simply as bidding bought below manner, as if on cue, a superyacht sailed leisurely by, giving a toot of its horn to the amusement of onlookers unfold out on the again garden.

The public sale was held indoors and was solely open to registered bidders, of which there have been eight.

The road exterior 26 – 34 Knightsbridge Parade East, Sovereign Islands, was lined with status automobiles.


Auctioneer Mark MacCabe of Apollo Auctions bought proceedings below manner at 1pm, laughing off the primary bid of $10 million. Over the subsequent 45 minutes the value rose to $20 million however no quantity of coaxing may get the value to the seller’s reserve, with the property lastly passing in at $28 million.

Nevertheless, promoting agent Amir Mian of Amir Status, mentioned that the proprietor was eager to promote and knew that it could probably be at a value considerably decrease than $45 million.

It was the right setting to indicate off the Gold Coast’s luxurious way of life.


“The seller has lowered his expectations rather a lot since he first listed the home about 12 months in the past, which implies that the property is now realistically priced to promote,” Mr Mian mentioned.

“The advantage of the public sale is that’s has purchased the consumers to us and has given us a practical market value – and we all know the cash is there.”

He mentioned negotiations would now begin, with not less than two out of the eight bidders, each from the Gold Coast, who had been able to put gives in writing.

Extra from information

Academic takes love of tiny living on the road
Suburbs where buyers have more bargaining power

The home has been a labour of affection for its proprietor over the previous seven years however he’s eager to promote.


To be accepted Mr Mian mentioned they must be above $25 million.

“I’m going to go in there an give it my finest shot,” he mentioned.

The Queensland home value report – set in 2016 for Mermaid Seaside’s Tidemark mansion – was equalled this 12 months with the $25 million sale of two Heron Ave, Mermaid Seaside.

QLD_GCB_NEWS_SOVEREIGNPALMS_27AUG15_WESTON

Riccardo Rizzi is eager to promote after transferring to Perth to be nearer to his kids. Image: Mike Batterham


Mr Rizzi purchased the home in Sovereign Islands for a “discount value” of $5.3 million in 2013, however has since spent thousands and thousands upgrading it, ending off the undertaking in August. He has rejected gives of as much as $30 million for the home up to now.

The property has been a labour of affection for Mr Rizzi who wished it to resemble a French-type chateau.

The home lately featured in The Sunday Mail’s High 50 Properties in Queensland, coming in at No. 6. View the total checklist at couriermail.com.au.

LEAVE A REPLY

Please enter your comment!
Please enter your name here