Ambitious $20 million asking price sought on Albatross Avenue Mermaid Beach by LM Investment Management founder Peter Drake
Oceanview, the luxurious four level mansion on a double block on exclusive Mermaid Beach on the Gold Coast has been listed with a $20 million asking price by LM Investment Management founder Peter Drake.
The modern mansion on its 1600 square metre Albatross Avenue millionaires' row holding was featured on the television show Great Australian Sandcastles.
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The Paul Uhlmann-designed house also appeared in the book Beach Houses Down Under.
The listing agents Luke and Andrew Henderson from John Henderson Professionals Mermaid Beach said the price, if achieved, would be among the highest prices paid for a home on the Gold Coast bettering the $19 million paid by Harvey Norman executive Steve Cavalier in 2006 for a home on Hedges Avenue.
Constructed by Graeme Cameron Constructions, Drake's ultra-modern mansion is being marketed as a perfect family sanctuary with all the luxuriousness of a resort.
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“It really is an amazing home in an amazing location,’’ the listing agents say.
The four-level home has six bedrooms, eight bathrooms, a home theatre, five car parking, plus roof-top bar and entertainment area, gym and even a skateboard ramp.
Its most recent land valuation was $7.2 million.
High prices along Mermaid Beach haven't been achievable for some time as the Gold Coast's "Millionaires' Row" bore the brunt of the property price collapses following the global financial crisis.
It was highlighted by internet-billing high-flyer Daniel Tzvetkoff, who had splashed out $27 million in early 2008 on the unfinished mansion of fallen tourism entrepreneur Tony Smith and his wife, Simone. Its mortgagee sale in 2009 secured $17 million from drilling tycoon Peter Mitchell, who was cashed up after selling his business for $150 million. Given the Ipswich-born internet whiz-kid spent $8 million on almost completing construction, Tzvetkoff's foray translated to an $18 million loss.
There was Bruce Mathieson family acquisition of $18 million in 2009 of the former home of the Globe International director Stephen Hill, the former skateboarding champion, and his wife Sonya, but it was at a $15 million discount to its initial asking price.
The then cottage on the 1395 square metre Mathieson beachfront property on Albatross Avenue had traded at $8,555,000 in mid-2004 when bought by Brisbane investor William Kerwick.
Kerwick purchased the property from management rights businessman Russell Leary who had consolidated the site in 2003, paying $1.54 million for the back block and then $5,415,000 for the front 940-square-metre site.
With 32 metres of beach frontage, it is one of just 300 single dwelling holdings on the Gold Coast beachfront, from Kirra to Main Beach.
Drake is founder of the somewhat stricken group LM Investment Management group.
