Billionaire developer Riyu Li is still looking for a buyer for his 10-bedroom Gold Coast mansion, Bellagio La Villa, after more than five years on the market.
If you want to bring home a big trophy this Christmas, there’s never been a better time, according to an expert.
Despite Melbourne having three homes in the national top 10 this year, including a top sale of more than $131 million, the highest house price ever in Australia, buyer advocate David Morrell says it is now an upper-end buyer’s market in the southern capital.
“The Christmas Grinch made an early appearance – mid-October to be precise – and the Top End market became quiet enough to hear Santa sigh,” he says on his website.
“The usual December buzz has been replaced by ghost listings, disappearing buyers and agents hiring RDOs like it’s 1994.
“Of the more than sixty prestigious properties recently listed, only 10 percent have been sold.”
For vendors, he claims, “Santa’s bag is empty. No toys. No joy. It’s no fun.”
“It’s a great time to be a buyer.”
While Morrell was talking specifically about Melbourne, some other trophy homes around the country have been on the shelf for more than a year.
And some owners have bought elsewhere, meaning they’re motivated, leaving buyers in the box to negotiate.
Make an offer, you never know your luck!
1. Cranlana, 62 Clendon Rd, Toorak, Melbourne, $96 million – $105 million.
![62 Clendon Rd, Toorak - FOR HERALD SUN REAL ESTATE](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The house on Clendon Rd, on a 1.1 hectare block, was bought in 1921 by Sidney Myer, who founded the Myer retail empire.
Artist’s impressions of approved developments.
Cranlana, the Myer family’s large home on Clendon Rd, Toorak, is on the same street as national record breaker Coonac.
Real estate watchers were on the edge of their seats more than a year ago when Cranlana first hit the market in October 2024.
The Herald-Sun reported on December 29 that it was “on track” to break the then Melbourne record.
Despite the expressions of interest campaign closing on November 11, 2024 without a buyer found, agents at the time sounded optimistic about an imminent deal for the eight-bedroom house on a whopping 1.1 hectares, even if the search for a buyer extends into 2025.
A year later it is with another agent, Marcus Chiminello of Marshall White, who was contacted for comment.
In November it was reported that the Myer family may have to consider a discount for the Toorak monument which was bought in 1921 by Sidney who founded the Myer retail empire, and his wife Merlyn Myer.
The property still retains the Edwardian house, built circa 1900 and renovated in 1921, but now comes with Heritage Victoria approved plans for a modern extension and swimming pool.
David Morrell says: “It’s still there… Melbourne has been ravaged by land tax, which has really taken it away.”
2. Bayview Hill House, 19 Bayview Hill Rd, Rose Bay, Sydney, $90 million
19 Bayview Hill Rd, Rose Bay had a guide price of $90 million when it was first offered to the market in May.
Incredible views of the Harbor Bridge from almost every room
Meanwhile, the Myers family is selling in Sydney – this couple has links to a James Packer.
The five-bedroom residence known as Bayview Hill House in Bayview Hill Rd – home to Lawrence Myers, CEO of Packer’s family office Consolidated Press Holdings, and his wife Sylvia – hit the market in May.
On a 1039m² block, the grand property, designed by David Walker and Peter Janks, offers fantastic views of the Harbor Bridge from almost every room – even the bathtub and gym.
There is also a spectacular wet edge pool, spa and cabana.
The 1,100 sq m of internal space flowing outwards can accommodate parties of over 200 guests and an executive office on the entry level is large enough for boardroom level meetings.
There is a 10 seat cinema and games room on the lower floor.
En suites with four bedrooms, three of which open onto a balcony overlooking the harbour.
These are motivated sellers, with the couple heading for the $80 million Crown Tower penthouse in Barangaroo.
So expect a sale early in the new year, via Brad Pillinger of Pillinger. Buyer’s agent Simon Cohen was recently spotted at the property.
The Myers had purchased it from retailer Brett Blundy in 2018 for $43 million.
3. Bellagio La Villa, Tallebudgera, Gold Coast, $33 million
The property first came on the market in 2021.
It is reminiscent of a grand European estate.
Billionaire developer Riyu Li’s 10-bedroom Gold Coast mansion, Bellagio La Villa, was first put up for sale five years ago with ambitious hopes of $50 million.
The 49-hectare estate had been Mr Li’s home since 2014, when he bought it for $7.2 million.
It is reminiscent of a large European estate and he had planned a large wellness center on the property, with a hotel and 108 units.
After the project was vetoed by Gold Coast council in 2020 following local protests, he put it on the market in January the following year.
But after a few auction campaigns and the failure of the ‘sale’, it is still up for grabs.
By June this year he had cut the price by a third to $33 million, after also downsizing the huge site by 5 hectares.
The agent, Amir Mian, of Amir Prestige, told the Gold Coast Bulletin at the time: “The new listing better matches demand and meets the market at a more affordable price.”
He said one buyer had offered $33 million; there was interest from an actor who made a film on the coast AND a well-known horse trainer.
But Mr Mian confirmed to News Corp this month: “You can still buy the entire 49ha site for $49 million or the house portion for $33 million.”
Still, you’d have to think he’d listen to an offer below that.
4. Windarra Drive, City Beach, Perth, Western Australia, $20 million+
The enormous house sits on a 2,572 sqm block, the largest coastal residential block in Perth.
It comes with a huge 78m² indoor pool, the largest residential indoor pool in Australia.
This grand estate with Australia’s largest indoor swimming pool was built in the mid-1990s by the Salim family, the billionaire owners of the Indonesian conglomerate Salim Group.
The Salims had bought three houses in three blocks, with the nine-bedroom mansion being a ‘crash pad’ for their son while he was still at university.
They sold the huge house on a 2,572m2 block, the largest coastal residential block in Perth, to property developer Ta Kin Yan for $2.45 million in 2002.
And the current owner, a local family, bought it in 2022 for $6.5 million.
The property has been on the market for about six months, but the agent, Vangelis Katsaitis of Excellence Property Specialists, is negotiating with a buyer, who other sources say is from Sydney.
But when contacted by News Corp he said the property was still for sale.
“The deal is not done yet, so if someone comes in now with the right terms, he or she can acquire ownership of it,” he said.
5. Wavertree, 64 North Terrace, Kent Town, Adelaide, $14-$15 million
The circa-1865 mansion is described as “colonial-era grandeur combined with groundbreaking innovation.”
The current owners transformed the building into a state-of-the-art business center in 2012.
Tech entrepreneur Simon Hackett owns this rare piece of South Australian history.
It was first listed just over a year ago, but in June there were reports that the circa 1865 mansion, described as ‘colonial-era grandeur combined with ground-breaking innovation’, would change hands within weeks.
Yet it is still for sale through Stephanie Williams of Williams Luxury, who recently dropped the price from $15 million to $14 to $15 million.
The property was once home to former South Australian Prime Minister Sir Frederick Holder. but when Hackett and his wife Anna bought it in 2012, they transformed it into a state-of-the-art business center.
It has attracted interest from the wellness, technology and hospitality sectors, although the listing on realestate.com.au says it can also be converted back into a luxury home, while you can run your business from there.
Williams has described it as a six-star boutique hotel. It is currently the headquarters of Base 64, which manages the Hacket family’s business interests alongside a range of commercial subtenants.
The couple goes to Tassie.
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Packer’s $200 million secret complex
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