After 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.