Hedges Avenue, Mermaid Beach penthouse sold

702/252 Hedges Ave, Mermaid Beach has sold for $5.25 million.

A luxury non-beachfront penthouse on the Gold Coast’s Millionaire’s Row has been sold for $5.25 million within two weeks of hitting the market.

Former Carlton Football Club director and developer Colin De Lutis, whose family real estate empire is reportedly worth more than $500 million, flew up to inspect the two-level Mermaid Beach penthouse as soon as he got the call it was on the market.

He made a cash unconditional offer of $5.25 million only hours later for the 758 square metres space.

The Hedges 252 penthouse includes beach views, a glass lift, roof terrace and a 15-metre heated lap pool

De Lutis already owns an apartment in the Paradise Centre at Surfers Paradise

The penthouse sold 18 months ago when former Coles boss John Fletcher sold it at a $1.9 million loss.

Records show Fletcher paid $6.7 million in 2007 at the height of the boom but sold for $4.8 million in 2016.

Tolemy Stevens, the selling agent advised close to $100,000 on improvements had been spent on the residence in the interim.