A Chinese property billionaire has put his palatial home on the market, with forecasts it will smash the record for the most expensive house in the Gold Coast region.
The sale comes after the ambitious plans of global real estate tycoon Riyu Li to turn the property into a resort, featuring a hotel and 108 units, were rejected by Gold Coast City Council last year.
Mr Li has now put the mansion at the heart of the property, dubbed Bellagio La Villa, on the market, with valuers setting its price as high as $50 million.
The 49 hectare property, located in the Tallebudgera Valley, on the outskirts of the Gold Coast, has been Li’s home since 2014.
An aerial view of the luxury Bellagio La Villa mansion (pictured above) which is available for $50million on the Gold Coast
Among the many luxury features at the mansion includes an indoor swimming pool (pictured above)
Stairway to heaven…..the Bellagio La Villa comes with a price tag of $50million for a reason
It was recently valued at a staggering $50million by property experts.
‘He (Li) is happy for someone to come in and enjoy his amazing property and to perhaps capitalise on its redevelopment potential,’ Amir Mian of real estate agent Amir Prestige told the Gold Coast Bulletin.
‘I could not believe such a palatial yet sophisticated home existed on the Gold Coast.
‘It looked like the sort of beautiful building that you see as the centrepiece of lush green estates in Europe and the UK.’
The property is expected to break the current record price of $25 million for a home on the Gold Coast; two mansions went for that price in Mermaid Beach, with one sold in 2016 by Billabong float architect Scott Perrin.
Mr Li purchased the Bellagio holding and adjoining land for $7.2million in 2014. His private villa, which boasts 10 bedrooms, reportedly set him back more than $8million at the time.
Other features include a dining room to accommodate 16 guests, an indoor swimming pool, a five-car garage as well as a separate caretaker’s cottage.
The mansion (pictured above) has a few options for guests or owners to sleep in, with 10 bedrooms
The property (pictured above) could comfortably host ritzy functions for multiple guests
Billionaire Riyu Li (pictured above centre) first entered the Australian property market in 2000
Li founded the global company Ridong Group in 1995, and quickly began developing multiple large scale residential, commercial, hotel and retail projects.
He first entered the Australia market in 2000 and continues to be a dominant industry player.
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