Mermaid Beach Mansion Sells

Mermaid Beach mansion sold for $7.35 millionAfter months of going unsold on a recovering Gold Coast property market, the Albatross Avenue mansion that was previously owned by Peter Drake finally went for $7.35 million at auction this weekend.

Earlier this year the Paul Uhlmann designed home was priced at $20 million, with a “valuation” of $37 million being bandied about at one point. Properties on Mermaid Beach have gone for as much as $19 million in the last ten years.

The luxurious three-storied house is set on 1,623 square metres of manicured grounds and has some impressive features:

  • Six bedrooms
  • Floor to ceiling windows
  • A designer kitchen
  • Home theatre
  • A dedicated  level for entertaining with gymnasium, bar and dancefloor
  • Eight bathrooms
  • A Heated swimming pool
  • A skateboard park

While the demand for property on the Gold Coast has seen prices beginning to rise again lately, it’s hard to view this result as anything other than a disappointment.

Philip

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