RWSP Group secures $32 million in sales topped by $5 million on Hedges Avenue
The luxury architecturally designed Hedges Avenue, Mermaid Beach home of troubled Gold Coast developer Bruce Tilley sold for $5 million at the Ray White Surfers Paradise Group’s annual prestige auctions.
Property Observer reported the listing in May last year.
Tilley held the house (pictured above) through Hedges Avenue Pty Ltd, and receivers Andrew Fielding and David Whyte were appointed to take control of the company in October last year.
The house was built two years ago after Tilley paid $1.4 million for the 405-square-metre landholding in 2000.
The replacement cost of the property, which has just two bedrooms and a study, has been estimated to be as high as $10 million.
The 20th annual prestige auction event over the week experienced an 80% clearance rate and more than $32 million in sales.
“The sales under the hammer of such high quality properties and the strength of bidding (84 bidders) shows that people have identified that now is the time to make their move on blue chip properties on the Gold Coast,” says RWSP Group’s chief Andrew Bell.
“Bidding was very robust and the prices achieved on most of the properties were a very positive sign. “
“Most of the sales surpassed vendor expectations,” says Bell.
However it was not a happy ending for all, with the Bellagio La Villa – a sprawling estate at Tallebudgera – passed in at $5 million.
Bellageio La Villa (pictured above) is home to horse racing enthusiast and property developer Paul Sweeney and his wife, Viki Farrar.
The Sweeneys' luxury home features 10 ensuited bedrooms, plus multiple living areas, a library, media and music rooms, a gym, and indoor pool and spa.
Bell said negotiations would continue with a number of parties interest in the properties.
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Those who take the time to do some research before tossing a few hundred thousand at an investment property tend to focus on demand, with scant regard for the flipside of the growth equation.