Ridong billionaire Riyu Li buys Bellagio La Villa, the Gold Coast hinterland mansion
Riyu Li, the billionaire boss of the Chinese development company planning the Gold Coast beachfront project Jewel, has emerged as the $7.2 million buyer of the Tallebudgera property Bellagio La Villa.
The grandest of hinterland listings on the Gold Coast, Bellagio La Villa, is a symmetrical facaded home with 2,546-square-metres of living space.
The 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 with settlement earlier this year.
Rivi Li's RDG is planning to build the $1 billion three-tower development Jewel, at Surfers Paradise. The initial plans unveiled in 2011 included a six star hotel 45 level tower, plus 215 luxury apartments over 41 levels in the northern tower and 108 premium residences over 35 levels in the beachfront tower.
Located on the largest urban beachfront site on the Australian eastern seaboard at 1.13 hectares, Jewel’s hotel suites, luxury apartments and premium residences will be located on the beachfront corner of Old Burleigh and Wharf Roads, with three street frontages.
Oppenheim of Miami Florida and the Gold Coast’s DBI Design got the design brief, inspired by the Gold Coast’s ancient geology and described as “three crystals in rainforest on the beach”.
Very little obvious progress has been made, even the Facebook page hasn't had any updates for a year. It was in late 2012 the Newman government used its call-in powers for the first time since coming to power to override an appeal against the project. Deputy Premier and minister for state development, infrastructure and planning Jeff Seeney approved the development with 124 conditions with the construction then expected to begin in 2014.
Last year RDG, which is the Australian company of Riyu Li, secured two adjacent sites near the railway station and Metricon Stadium from the Sydney funds manager Balmain.
It was the third property transaction the Zhuhai-based businessman had made on the Gold Coast, according to the local News Ltd paper.
It was one of four firms short-listed in the Broadwater Marine Project, but not the preferred party which was announced earlier this year
See more: Other luxury developments for sale on the Gold Coast
