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 a grand trophy home for Christmas, there’s never been a better time, according to one expert.
Despite Melbourne having three homes in the national top 10 this year, including the top sale of above $131m, the highest house price in Australia ever, buyer’s advocate David Morrell says it’s now a buyer’s market at the top end in the southern capital.
“The Christmas Grinch showed up early — mid-October, to be precise — and the Top End market went quiet enough to hear Santa sigh,” he says on his website.
“The usual December buzz has been replaced with ghost listings, vanishing buyers, and agents taking RDOs like it’s 1994.
“Of the 60+ prestige properties listed recently, only 10 per cent sold.”
For sellers, he claims: “Santa’s bag is empty. No toys. No joy.
“It’s a wonderful time to be a buyer.”
While Morrell was talking specifically about Melbourne, some other trophy homes around the country have been sitting on the shelf for more than year.
And some of the owners have bought elsewhere, meaning they’re motivated, putting buyers in the box seat to negotiate.
Make an offer, you never know your luck!
1. Cranlana, 62 Clendon Rd, Toorak, Melbourne, $96m-$105m.
![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 Clendon Rd home, on a 1.1ha block, was bought by Sidney Myer, who founded the Myer retail empire, in 1921.
Artist’s impressions of approved developments.
Cranlana, the Myer family’s grand home in Clendon Rd, Toorak, is on the same street as the national record-breaker, Coonac.
Property 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 target” to smash the Melbourne record at the time.
Despite the expressions of interest campaign closing on November 11 of 2024 without a purchaser found, the agents at the time were sounding optimistic of an imminent deal on the eight-bedroom home on a whopping 1.1ha, even if the search for a buyer tipped into 2025.
Well, a year later, it’s with a different agent, Marcus Chiminello of Marshall White, who was contacted for comment.
In November, it was reported that the Myer family might have to consider a discount for the Toorak landmark bought by Sidney who founded the Myer retail empire, and his wife Merlyn Myer, in 1921.
The property still has the Edwardian home built in about 1900 and remodelled in 1921, but now comes with Heritage Victoria approved plans for a modern extension and pool.
David Morrell says: “It’s still sitting there … Melbourne’s been clobbered by land tax, which has really taken the mojo out of things.”
2. Bayview Hill House, 19 Bayview Hill Rd, Rose Bay, Sydney, $90m
19 Bayview Hill Rd, Rose Bay had a $90m guide when first offered to the market in May.
Incredible views of the Harbour Bridge from nearly 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 — the home of Lawrence Myers, chief executive of Packer’s family office Consolidated Press Holdings, and his wife, Sylvia — hit the market in May.
On a 1039sqm block, the grand property, designed by David Walker and Peter Janks, has incredible views of the Harbour Bridge from nearly every room — even the bathtub and gym.
There’s also a spectacular wet-edge pool with spa and cabana.
The 1,100 sqm of internal space flowing to the outdoors can host parties of more than 200 guests and an executive office on the entry level is big enough for boardroom-scale meetings.
There’s a 10-seat cinema, games room on the lower ground level.
And four bedroom suites, with three of them opening to balconies facing the harbour.
These are motivated sellers, with the couple heading to the $80m Crown tower penthouse at Barangaroo.
So expect a sale early in the new year, via Brad Pillinger of Pillinger. Buyer’s agent Simon Cohen was spotted at the property recently.
The Myers had bought it from retailer Brett Blundy for $43m in 2018.
3. Bellagio La Villa, Tallebudgera, Gold Coast, $33m
The property first hit the market in 2021.
It’s reminiscent of a grand European estate.
Billionaire developer Riyu Li’s 10-bedroom Gold Coast mansion Bellagio La Villa first went up for sale five years ago with ambitious hopes of $50m.
The 49ha property had been Mr Li’s home since 2014 when he bought it for $7.2m.
It’s reminiscent of a grand European estate and he’d planned a major wellness centre on the property, with a hotel and 108 units.
After the project was vetoed in 2020 by the Gold Coast council after local protests, he put it on the market in January the following year.
But after a couple of auction campaigns and “sales” falling through, it’s still up for grabs.
In June this year, he’d slashed the price by a third to $33m, having also trimmed the huge property by 5ha.
The agent, Amir Mian, of Amir Prestige, told the Gold Coast Bulletin at the time: “The new listing is more in line with demand and is meeting the market with a more affordable price point.”
He said a buyer had offered $33m; there was interest from an actor shooting a film on the coast AND a well-known horse trainer.
But Mr Mian this month confirmed to News Corp: “You can still buy the whole 49ha site at $49m or the house portion at $33m.”
Still, you’d have to think he’d listen to an offer below that.
4. Windarra Drive, City Beach, Perth, Western Australia, $20m+
The huge home is on a 2,572sqm block, the largest coastal residential block in Perth.
It comes with a huge 78sqm indoor pool, the largest residential indoor pool in Australia.
This grand estate with the largest indoor pool in Australia was built in the mid-1990s by the Salim family, the billionaire owners of the Indonesian conglomerate Salim Group.
The Salims had bought three homes on three blocks, with the nine-bedroom mansion a “crash pad” for their son while he was a university student.
They sold the huge home on a 2,572sqm block, the largest coastal residential block in Perth, to property developer Ta Kin Yan for $2.45m in 2002.
And the current owner, a local family, bought it in 2022 for $6.5m.
The property has been on the market for about six months but the agent, Vangelis Katsaitis of Excellence Property Specialists, has been negotiating with a buyer, which other sources said was Sydney-based.
Yet when contacted by News Corp, he said the property was still for sale.
“The deal hasn’t been finalised, so if someone comes in now with the right terms they can own it,” he said.
5. Wavertree, 64 North Terrace, Kent Town, Adelaide, $14-$15m
The circa 1865 mansion is described as “colonial-era grandeur meets cutting edge innovation”.
The current owners the property in 2012 and transformed it into a state-of-the-art business hub.
Tech entrepreneur Simon Hackett own this rare slice of South Australian history.
It was first listed more than a year ago, but in June there were reports the circa 1865 mansion, described as “colonial-era grandeur meets cutting edge innovation”, would change hands within weeks.
Yet it’s still listed as for sale via Stephanie Williams, of Williams Luxury, who has recently dropped the price from $15m to $14m-$15m.
The property was once home to former South Australian premier Sir Frederick Holder. but when bought by Hackett and his wife Anna in 2012, they transformed it into a state-of-the-art business hub.
It’s been attracting interest from across the wellness, tech and hospitality sectors, though the realestate.com.au listing says it could also be converted back to a luxury residence perhaps while running your business from there.
Williams has described it as like a six-star boutique hotel. It’s currently the headquarters for Base 64, which manages the Hacket family’s business interests alongside a range of commercial sub-tenants.
The couple are heading to Tassie.
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