Humble beginnings of sparkling $9m palace

A GOLD Coast mega-mansion known as “The Palms” has hit the market with an $8.95 million price tag.

The palatial Broadbeach Waters residence is one of a kind.

Dr Michael Kazacos built the five-bedroom home over two years from 2008, but has lived on the property since 1988. Another house sat on the sprawling block back then, which was built by a friend of his.

“It was just perfect for me,” said Dr Kazacos, who has retired from medical practice.

“I was from Sydney and I only intended to use it (theformer property) as a summer house but when I got here, I never went back.”

He decided to knock it down because it “wasn’t practical” to renovate, then rebuild. The original home was similar in size but Dr Kazacos said it did not have the eightcar underground garage like the one that is part of the mansion today.

The home’s Art Deco-inspired theatre with starlit ceiling, wine cellar, internal lift, and multiple terraces and balconies overlooking the manicured gardens, pool and Nerang River, are standout features.

Dr Kazacos said the memory of his grandmother’s house, which had dirt floors and no electricity, made him feel guilty for living in such a beautiful home.

While he would miss it once it sold, he said it was time to let someone else enjoy it.

“That’s the main reason I’m selling the house – because it’s not fair to live here alone,” Dr Kazacos said.

“When I first came here, my family had children and they’ve all grown up.

“I want a family to enjoy this.”