Disputed Riverpoint mansion on Isle of Capri sells ahead of July 9 auction

Disputed Riverpoint mansion on Isle of Capri sells ahead of July 9 auction
Disputed Riverpoint mansion on Isle of Capri sells ahead of July 9 auction

Riverpoint, the six-bedroom Isle of Capri mansion that sold through former Ray White Broadbeach prestige selling agent Michael Kollosche for $10 million in September 2010 has been sold ahead of a scheduled July 9 auction for an undisclosed, but likely significantly lower price.

Its most recent price indication came when $3.9 million was offered at its recent May 30 auction which was rejected by Suncorp, the mortgagee-in-possession, who ordered the forthcoming auction.

The house is currently at the centre of a Brisbane Supreme Court legal dispute relating to $2 million deposit paid as an option deal on the 1-3 La Scala Court house in September 2010, with the buyer being former bankrupt call-centre operator Steve Wooldridge’s One-Eleven (Qld) business entity acting on behalf of the Wooldridge Discretionary Trust.

Wooldridge is seeking a return of the $2.04 million deposit claiming he was misled by owners Peter and Kim McQueen and Michael Kollosche, the Gold Coast Bulletin reported.

Separately, Kollosche, solicitor Damien Ingwersen and his firm, and Galacoast, the company that previously operated Ray White Broadbeach is being sued for $17.5 million by Coast real estate agent Rod Lambert, the whistleblower who has alleged price-fixing scams on Mermaid Beach. The case involves the sale of a prime development site on Albatross Avenue at Mermaid Beach to Lambert and his wife in 2007 for $10.6 million.

Both the May and July auctions of Riverpoint were being marketed by Michael Willems from Ray White Prestige Gold Coast - Surfers Paradise.

It is described as being “immersed in a landscape of tropical gardens” though parties involved in the legal dispute may take issue with the view that “Riverpoint is a home where every day is a day in paradise”.

It has six ensuite bedrooms with views down Nerang River as well as a separate guest suite and study in separate private pavilions with wood elements featuring recycled and reclaimed ironbark timber from a Newcastle wharf.

It has 90 metres of direct rver frontage, a 10 car basement parking, a theatre, rumpus, bar, cool room, gym, tennis court, boat mooring and private beach and sits on a 2,600 square metre block.

It was built by the McQueens after they acquired two adjoining properties for $2.2 million in 2002.


Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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