Mansion cost $21m, sells for $5m

26-32 Knightsbridge Parade East sold for $5.3 million. Picture: Clark David Source: News Limited

ONE of the biggest homes on the Gold Coast has sold for less than a quarter of what it cost to buy the land and build.

The huge unfinished house on the elite Sovereign Islands was put on the market by mortgagee, ANZ Bank after court action in Australia and Singapore to evict owner Clare Marks and husband Scott Tyne.

TAKE A TOUR: See what $21m, ahem, $5m will get you

The six-bedroom, seven-bathroom mansion had an initial construction cost of $12 million and sprawls over four blocks that cost $9.44 million in 2005.

But the whopping $21.44 million outlay came nowhere near to being recouped at auction on the weekend, with a civil engineer picking up the property for $5.3 million.

Riccardo Rizzi, who works in Perth, plans on making the property at 26-32 Knightsbridge Pde East his new home.

Mr Rizzi bested a Melbourne buyer who dropped out when the bidding reached $5 million.

The deal, which set a selling record for all the wrong reasons, was watched by a crowd of more than 200.

While Mr Rizzi has snapped up the Gold Coast property bargain of the year, he will face the expense of completing the 3004sq m house, which is believed to be only 80 per cent finished.

Ms Marks and her family were living in a completed wing of the house when they were evicted.

ANZ gained an order in the Supreme Court, Brisbane, in October to take possession of the house, an order which Ms Marks unsuccessfully appealed against.

She later said she had declined a bank offer to lease her the house at $3000 a week because she could not afford the rent and, in her words, was left `homeless'.

Ms Marks is an accountant operating a practice at Paradise Point.

Previously she ran a similar business in the UK for five years.

Former Mallesons lawyer Mr Tyne has been locked in a $2 billion-plus legal suit against Axa Asia Pacific (now part of AMP) over cancelled life insurance policies called Prosperity Bonds.

ANZ's move to take possession of the house came after interest payments were not made on a multi-currency credit facility for up to $15 million.

The facility was secured by a first mortgage over the house and by personal guarantees from Ms Marks and Mr Tyne.

New owner thrilled

Mr Rizzi said the opportunity to buy the home was just too good to pass up.

"It was a unique opportunity to buy something extremely special with the ability to bring the personal touch to complete it at an exceptionally good price,'' he said. Mr Rizzi.

Mr Rizzi, who entered the bidding at $4.5 million, thanked Professionals Paradise Point sales agent Murray Schmidt for his advice.

"The bidding went well, we kept our powder dry,'' he said.

"Murray advised me how to deal with it and he did it well and we eventually got there.''

He said he planned on moving into the house but had no idea how much it would cost to finish.

Professionals Paradise Point principal David Vertullo marketed the property with sales agent Chris Moyer and said he was pleased with the result.

"I think in the current climate it represents a good result, especially since the house is unfinished,'' he said.

"It's a magnificent home and upon completion it will be one of Queensland's best homes.''

More than 20 people registered to bid at the auction.

Among those who have been active in the market is billionaire Clive Palmer who, with family members, owns at least nine Sovereign Islands properties.

The record for a house on the islands is $11 million, paid in 2006 for Baltimore, a seven-bedroom Royal Albert Crescent home.

Owner Susan Lillioja has since marketed it at $19.5 million.

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