Real estate: 159 Hedges Ave home at Mermaid Beach on Gold Coast sells to Melbourne buyer for $15.75 million

A MELBOURNE buyer has set the 2021 price pace for Gold Coast homes by paying $15.75 million for a four-level beachfront home in Mermaid Beach’s Multi-Millionaires’ Row.

The property, at 159 Hedges Ave, was put on the market by its Chinese owners for $16.5 million in October.

The new owner is described as being involved in the tourism and hospitality industry.

Kollosche agency principal Michael Kolloshe said the buyer had some interests on the Gold Coast.

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“He’s been looking for a larger property so he can spend more time here.”

Mr Kollosche, who sold the home in tandem with colleague Ryan Ward, said the top end of the market remained exceptionally strong.

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“The problem is that as these trophy homes sell, it’s getting harder to source top-shelf properties.”

The 159 Hedges Ave home has six bedrooms, a lift, and a basement that takes six cars and has a gymnasium, sauna and wine cellar.

It was built by Jill Mathieson, wife of pubs and pokies billionaire Bruce Mathieson, in 2007 and later owned by management rights industry veteran Frank Picone and wife Adele.

The top price on the Gold Coast this year was last month’s $12.5 million sale of the Broadbeach Waters riverfront home of entertainment entrepreneur Billy Cross and wife Jackie.

The figure achieved for No. 159 is short of last year’s record for Hedges Ave, the $22.5 million which billionaire developer Bob Ell paid for No. 187-191.

The Ell home is on a 1215sqm site and No. 159, for which sellers Jinmin Qu and Baiyan Chen paid $13.25 million in 2016, is on 564sqm.

Last year the couple sold the Ruffles lodge and spa at Willowvale for $4.8 million – they bought it for $4.5 million in 2013.

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