Bellagio La Villa, the grand Gold Coast hinterland mansion sells at $7.2 million
The grandest of hinterland listings on the Gold Coast, the Tallebudgera estate, Bellagio La Villa, has been sold for $7.2 million, juts a little more than its land acquisition price.
Its the matrimonial home of the horse racing enthusiast and property developer Paul Sweeney and his wife, Viki Farrar.
It was listed for January auction as a court-ordered separation sale, when there was a $5 million bid for the house on 17 hectares.
Set some seven minutes' drive from Burleigh Heads in the hinterland, the main 13 hectare land holding cost $5 million in 2006. All up the couple consolidated another 21 hectares which is being sold off by estate agents in three lots at a total $4.3 million asking price.
They reputedly spent $8 million constructing their dream residence - a 2,546-square-metres mansion of amazing proportions.
The Sweeneys founded Coral Homes in 1990 after moving from Mayfield West, near Maitland in New South Wales, with the company rapidly expanding to become one of the largest residential developers in Queensland.
Bellagio La Villa, the Sweeneys' luxury home featured 10 ensuited bedrooms, plus multiple living areas, a library, media and music rooms, a gym, and indoor pool and spa.
There was also a five-car garage-cum-ballroom. It sold through Kevin Carlin of Ultra Properties to a Gold Coast based Chinese-born businessman who has manufacturing and property development interests in China.
Separate to the house sale, the buyer is also securing the furniture believed to be adding another $1 million to the deal.
The marketing described it as the most gracious and elegant horse estates in the region. And there is some evidence to back up that claim as Southern Lord, a Group 1-winning thoroughbred, was born and raised there.
Property Observer gleans the district's previous highest sale was $3.066 million when a 21 hectare holding sold in 2009.