Australia Back to Real Estate News Homepage to RSS for this country

AU Property News

AU Mega-mansion in Queensland sold for $6.17m

Property Here - Monday, July 22, 2013

Share to:

A large mansion at The Sovereign Islands in Queensland was sold at an auction this past weekend for AU$5.3 million (S$6.17 million).

Civil engineer Riccardo Rizzi is the new owner of the property at 26-32 Knightsbridge Parade East (pictured), once the most expensive mansion in Queensland with an expected price tag of AU$33 million (S$38.4 million).

Built on four blocks of land, the unfinished mansion cost AU$9.44 million (S$10.98 million) in 2005, with the initial construction cost at AU$12 million (S$13.95 million).

Over 200 people turned up to watch the auction of the property, which features a 14m domed entry foyer, cinema, billiards room, wine cellar and gym.

ANZ Bank took possession of the mansion following court action in Singapore and Australia to evict owner Clare Marks and husband Scott Tyne.

Rizzi outbid a buyer from Melbourne who backed out when bidding reached AU$5 million (S$5.8 million).

“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,” Rizzi said.

“I think in the current climate it represents a good result, especially since the house is unfinished,” said Rizzi, adding that the mansion will be one of the best homes in Queensland once completed.

Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email