Paradise Point castle: Most Discounted Trophy Home of the week

The founder of internet travel website Club Freedom, Ron Litherland, has further reduced the asking price to $12.5 million for his European Gothic-inspired castle built on Sovereign Islands on Queensland's Gold Coast.

He once wanted $20 million for the not quite majestic Paradise Point property.

It’s currently for sale through several local agents including Zlata Becic at Mint Properties.

The recently built four-level imitation castle, complete with balustrades and turrets, has seven bedrooms and nine bathrooms.

It also has two studies, a home theatre, a library and a billiard room. There is an entertainment area on the roof and in the basement there is a garage for up to 20 vehicles.

The house has floors of polished Travertine marble, fireplaces in Sahara Gold granite and hand-crafted, mahogany-mullioned windows.

One of its earlier listing agents, George Bobolas of Ray White Paradise Point, indicated an offer of $14.1 million was knocked back during his 2010 listing.

The house is on a 1,458-square-metre block on Knightsbridge Parade West, which was bought for $3.75 million in 2007 by the Phuket-based former truckie from Brisbane.