More than $35m in sales at high end
A STONE mansion that has been the backdrop for photo shoots and a temporary home to Hollywood stars has changed hands in a multimillion-dollar deal off market.
Designed by internationally acclaimed architect Ralph Bailey, the sixbedroom luxury Sanctuary Cove house, known as the Mandalay Residence, sold for $5.225 million.
The property at 5724 Observation Crescent, Hope Island, has three lounge rooms, two office spaces, six bedrooms, a guest cottage, pool and landscaped gardens.
Its website states the house boasts celebrity clientele and is a sought-after backdrop for video and photography shoots.
The eye-watering sale is part of more than $35 million worth of high-end listings that have changed hands in the first quarter of this year through Ray White Surfers Paradise.
The hefty sales of big-ticket real estate come despite a slowdown across the national property market.
Ray White Surfers Paradise CEO Andrew Bell said the market correction was shaping up differently to those previously experienced on the Gold Coast.
“There are a number of factors at play at the moment, but most notably there are no desperate sellers and the market is excellent in terms of overall stability,” he said.
“The recent run of sales demonstrates that there are always buyers in the marketplace and when correctly priced properties are presented to buyers, sales inevitably occur.
Buyers are prepared to buy the property to which they aspire – most people seek the property they love and they are not always driven by a bargain to attain that property.”
The $7.5-million sale of a six-bedroom, five-bathroom mega mansion was among the notable sales.
The property at 311 Monaco St, Broadbeach Waters, was bought by a Gold Coast couple.
A $3.7-million deal was done for 171 Jefferson Lane, Palm Beach, last month.
The six-bedroom beachfront home with a Cape Cod design was snapped up after just nine days on the market.
The agency also had a hand in notching a recordbreaking sale of a Main Beach penthouse.
The $8.25-million sale of 7/3533 Main Beach Pde, which was done in conjunction with Kollosche, is the highest figure paid for a Gold WITH JESSICA BROWN & MIKAELA DAY Coast property this year and the city’s highest beachfront apartment sale.
A $5.25-million deal was also penned for a luxury lakeside house on The Parkway in Sanctuary Cove in March.
Mr Bell said the lump of luxury sales were thanks to buyers and sellers finding common ground in assessing values in the marketplace.