This huge home sold for a record $12.5m
A GIANT property at Broadbeach Waters has sold for $12.5 million, setting a 2020 record for a house fronting the Nerang River.
The 249-255 Monaco St residence is the 1300sqm Villa Cantarocco, which was regarded as the city's largest house when it was built in the 1970s.
The two-level mansion, which sits on a four-title 3296sqm site, has been bought by a Melbourne couple making a permanent move to Australia's tourism capital.
The sale pips the $12.45 million achieved two months ago for the riverfront former home of disgraced Billabong International CEO Matthew Perrin on Cronin Island, off Chevron Island.
The all-time record for a home on the Nerang River rests with a semi-Balinese mansion on the Isle of Capri, sold to Chinese buyers by owner Mara Spong for $15.5 million in 2016.
Christopher Jones, residential director for Savills Gold Coast yesterday, said Villa Cantarocco drew offers from not just within Australia but from Europe.
Mr Jones, who sold the property in tandem with colleague Aydan Mullin and with Luke Henderson and Rebecca Moffrey of The Professionals Mermaid Beach, said the sale illustrated a growing desire by Melbourne people to enjoy the great homes and lifestyle on offer on the Gold Coast.
"We've just cemented another Monaco St sale, for in excess of $3 million, to Melbourne buyers."
The Professionals' Mr Henderson said the buyers had friends on the Gold Coast who called in his agency to give them 'some local help' in making what was a major purchase.
"I believe this deal might well prove the tip of the iceberg in a rush north by Victorians."
A former Adelaide couple, Fitch Retail Investments head David Fitch and wife Rachel, had owned Villa Cantarocco since 2016.
The home was built in the 1970s and later enlarged by Queensland Wire Products founder George Stratigos.
Mr Stratigos, who built a helicopter pad on the property, died in 1995 when his Bell Ranger crashed in Northern NSW.
The home has been substantially upgraded at various times since then.
Owners since Mr Stratigos died have been shoe merchant John Hutchins, The Modern Group home improvements group founders Ron and Tina Bayley, property executive Duncan McInnes, and New Zealand fishing industry identity Demetrius Focas.
The latest sellers, Mr and Mrs Fitch, bought Villa Cantarocco from Mr Focas for $11 million and put it on the market at $14 million last year after spending $7 million on a riverfront Southport house.
The new owners get a home with six bedrooms, two studies, a boardroom, two living rooms, a family room, and a six-car garage.
Originally published as Giant Coast home sells for record $12.5m