Sovereign Islands mortgagee trophy mansion sells for $5.3 million to Perth civil engineeer
A Perth civil engineer, Riccardo Rizzi has snapped up the largest unfinished mansion on the Gold Coast's The Sovereign Islands for $5.3 million at its weekend mortgagee auction.
There were 20 interested buyers for the mega-mansion at 26-32 Knightsbridge Parade East which sits on land that cost $9.44 million in 2005 followed by a suggested $12 million building cost.
After buying what was once billed as the most expensive house in Queensland, Riccardo Rizzi gave local entrepreneurial kids selling lemonade outside the onsite auction, $100 for a celebratory cup.
The house comes with an estimated 3500 square metres of living space so he told awaiting press from the local paper, The Gold Coast Bulletin he no idea how much it would cost to finish.
Professionals Paradise Point agents David Vertullo and Chris Moyer suggested "in the current climate it represents a good result, especially since the house is unfinished.''
Possibly not the best result for the ANZ Bank which took possession of the house after court action in Australia and Singapore to evict the registered owner Clare Marks and her husband Scott Tyne around Christmas 2012.
The Sovereign Islands' biggest and most notorious mega-mansion was repossessed after a chequered history and nearly a decade of stop-start construction.
The unfinished European-style home across four blocks of land on Knightsbridge Parade East is one of the Gold Coast’s longest-running property sagas; when construction began in 2007 the finished product was estimated to be worth up to $40 million.
Property Observer wrote last month that recent low sales along Knightsbridge Parade conservatively placed the unimproved land value significantly lower, somewhere between $4 million and $5 million.
