FOR SALE - $18 million Gold Coast Beachfront Mansion

[Fabian]

Today Tonight did a report on a Gold Coast family who have listed their beachfront home in Miami for sale at $18 million dollars.

The home was built my music promoter Michael Edgeley and was bought owners, millionaires Madeline and Ken Lacey for $5.9 million in 2002.They are selling as they are moving to the United States to support their son, whom is attempting to establish a career as a rapper in the US.

Features of four storey home include:

*A four level lift
*commerical bar
*entertainment area
*Security system

The full transcript can be found at this link

http://seven.com.au/todaytonight/story/milkmansion

[Macca-GC]

that's on Millionaires Row. Pretty good for a guy who started a milk company eh?

[citiboy]

this house sold about two weeks ago for the price they were asking $18 million.
record for qld. in the same league as sydneys eastern suburbs.

[Grollo]

This house is still on the market and it's not worth 18 million. The house that sold for $18 million was a three-level home on 213 Hedges Ave at Mermaid Beach which was owned by property dealer Harry Kakavas.

Is this really worth 18 million?
http://www.propertiesonline.com.au/agents_folder/916/916_109462_1_lg.jpg
It's ugly and has no style whatsover, just a giant bechfront McMansion.

[finn]

This house is still on the market and it's not worth 18 million. The house that sold for $18 million was a three-level home on 213 Hedges Ave at Mermaid Beach which was owned by property dealer Harry Kakavas.

Is this really worth 18 million?
It's ugly and has no style whatsover, just a giant bechfront McMansion.

But realistically, the house itself is irrelevant - the actual improvements on the land are probably worth no more than $1-2million...the price is all about the land!

[Grollo]

That's not true, you can buy a beachfront block in Hedges avenue for 4.9 million.

http://www.realestate.com.au/cgi-bin/rsearch?a=o&ag=&s=qld&c=50026240&tm=1097710761&id=101941607&f=0&p=10&t=res&ty=&snf=rbs&cu=&fmt=&header=

http://www.realestate.com.au/cgi-bin/rsearch?a=o&ag=&s=qld&c=50026240&tm=1097710761&id=101621098&f=0&p=10&t=res&ty=&snf=rbs&cu=&fmt=&header=

[finn]

^^Yeah but there are lots of things to take into consideration, especially in terms of block size, and zoning for redevelopment potential. If this block was twice the size of the $4.9m one then it could be three times the price, as it may allow greater redevelopment opportunities. From the pic it looks to have at least twice the beach frontage to the $4.9m place.

Example: it states that the $4.9m place could have a duplex built. Lets say the beach frontage is 10m and an individual duplex unit requires a 4m frontage under council guidelines. So if the $18m place has a 20m frontage, they can build 5 row houses instead of 2. Dramatic price increase.

Besides, the house hasn't sold at $18million as yet, so maybe it's overpriced.

[Macca-GC]

It is. It won't sell for $18 mill. I would value it at $11-13mill.