A mega-mansion has hit the market for a staggering price which is 500 per cent more than the owner paid for it five years ago.
The Gold Coast property is expected to fetch around $45million, a whopping profit from the $5.3million paid for it in 2013.
home is owned by Perth civil engineer Riccardo Rizzi, who purchased the incomplete house after the previous owners ran out of money halfway through building it.
Mr Rizzi was shocked when he was able to buy the home – which had in total cost the previous owners $21.44million – for $5.3million, according to Domain.
He bought the block of land next door for $1.19million so that the property would have 106-metre water front – creating the massive 26 Knightsbridge Parade East, Sovereign Islands, home.
Mr Rizzi then got all the approval he needed to continue the initial build – including the original design by the Brunei royal family architect Bayden Goddard.
The brief was a 100-year-old chateau reminiscent of Long Island, New York, or the European coastline.
The home took an incredible five years to complete – and has just now hit the market with a price tag advertised for U.S$30million to attract
The home has a 14.5-metre high entrance lobby, formal dining and loungerooms – one of which can host up to 30 people.
There is also Australia’s only 6.5-metre tall bronze imported Italian statue of King Neptune sitting in the entrance way
The home has a Turkish bathhouse and a 30-metre pool in addition to its waterfront views.
The home’s seven bedrooms, including a master suite with his and hers baths, are all found in the East and West wings of the home.
Each bedroom has water views.
Alex Phillis, of Alex Phillis Real Estate, told Daily Mail Australia the corridor between wings it 70 metres long.
‘The pictures don’t do it justice, you could drive a Land Rover through the middle without issue,’ he said.
Mr Phillis explained Mr Rizzi bought the fifth block of land to serve as a Roman garden.
buying this home will have an entourage – whether it is their family, friends or business manager – and so the home needed the garden for children,’ he said.
The home was about 60 per cent complete – with about $15million worth of work put in to it – and so Mr Rizzi continued with the original luxurious design.
For caretakers and staff their is a self-contained granny flat and a staff wing with a second bedroom and office.
‘I’ve never seen anything like this. It’s in an absolute league of its own. It’d be worth $100million easy if it was on the Sydney harbour,’ Mr Phillis told Domain.
Mr Rizzi said: ‘I don’t think this house will ever be duplicated in Australia again because it means giving up five years of your life. The true value is not in the bricks and mortar, it’s the five years of a person’s life.’
He is selling the home to be closer to his children in Perth.