79-83 Hedges Ave, Mermaid Beach has sold in a deal worth $43m.
A mystery Gold Coast businessman has paid a staggering $43m for a beachfront mansion, smashing the Queensland residential sale record.
The property, in Mermaid Beach on the Gold Coast, is on a triple block on an exclusive strip commonly referred to as Billionaire’s Row, and had been on the market less than 48 hours.
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79-83 Hedges Ave, Mermaid Beach.
79-83 Hedges Ave, Mermaid Beach.
It eclipses the state’s previous $40m house price record set at Noosa Heads in August and comes just days after a Queensland apartment price record was set in the neighbouring suburb, with the $32m sale of the Nalu penthouse in Miami.
Both Gold Coast deals were inked by Kollosche selling principal Michael Kollosche.
“To establish both the Queensland house price record and the Queensland apartment price record in the same week is an extraordinary achievement for our team and an important milestone for the Gold Coast property market,” Mr Kollosche said.
The four-level Hedges Ave mansion was launched to the market on Friday with a $47.5m asking price, making it one of the most expensive homes ever offered for sale in Queensland.
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Michael Kollosche handled the $43m sale of 79-83 Hedges Ave, Mermaid Beach.
79-83 Hedges Ave, Mermaid Beach.
It drew interest from local and interstate buyers, as well as one expatriate, and drew six strong offers before a $43m deal was made on Saturday evening.
The buyer is a local businessman whose identity has not been disclosed.
Property records reveal the seller was Jennifer Morris — linked to prolific developer Barry Morris of Morris Property Group.
The family snapped up the house at No.79 at auction for $6.8m in 2007, having bought the apartment block next door the previous year for $12.75m.
The family demolished both and built a four level home on the 1,212sq m site in 2011.
79-83 Hedges Ave, Mermaid Beach.
There is a expansive living and entertaining spaces as well as a beachfront infinity-edge pool and alfresco terraces, rooftop retreat with second pool, lift, cinema, wine cellar and basement garaging for at 12 vehicles.
The mega sale follows a bumpy year for the property market with a fifth interest rate rise last week, controversial tax changes, and falling homes values.
79-83 Hedges Ave, Mermaid Beach.
“What makes these results particularly significant is the environment in which they’ve been achieved,” Mr Kollosche said.
“Buyers are more discerning, confidence across the broader market has been tested, and yet we’re seeing exceptionally strong demand for properties that offer genuine scarcity, quality and long-term value.
“Both purchasers are local, successful businesspeople who understand the Gold Coast market and recognise the opportunity to secure assets that simply cannot be replicated.”
79-83 Hedges Ave, Mermaid Beach.
Mr Kollosche said the series of high-value transactions reflected the long-term appeal of scarce beachfront property.
“These buyers aren’t making decisions based on where interest rates might be next month or short-term fluctuations in property prices.
“They’re looking decades ahead and recognising the value of owning something truly exceptional.
“These results are a powerful reminder that even in challenging markets, exceptional properties continue to attract exceptional buyers.”
The previous highest sale on Hedges Ave was $28m, paid in 2024 by businessman Clive Palmer for No. 41–45.
