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Unfinished mansion sale highlights market strength

By Staff Reporter
25 November 2009 | 1 minute read

An unfinished Gold Coast residential mansion has been sold for $17 million.

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The mansion on Hedges Avenue, Mermaid Beach, was purchased last year for $27 million by failed Brisbane information technology entrepreneur, David Tzvetkoff.

The property was sold to a Gold Coast businessman.

Knight Frank prestige agent James Hall said that multiple offers were received during the tender campaign from both national and international buyers for the property.

“The top end of the market has seen some good results over the past six months. This proves there’s depth to the market and interest has come from all over the place” Mr Hall said.

Despite the low price compared to the previous sale, co-agent Ray White Broadbeach’s Michael Kollosche said: “It’s still a significant price given the house is unfurnished and requires a lot of work”.

“It’s had a big impact on buyer confidence during the last eight or nine months, now that it’s gone I think we’ll see a change in people’s sentiment. This opportunity to buy this property under these circumstances will not happen again.” Mr Kollosche said.

Unfinished mansion sale highlights market strength
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