A TAIWANESE businessman who four years ago put his lavish Gold Coast mansion on the market at $16 million has sold it for half that amount.
James Tsai’s 2638sq m Sanctuary Cove home has been bought by Chinese buyers in an $8 million deal that has already settled.
It is at 7313 Bayside Close, an exclusive street with only 13 titles and in which a nearby home in 2010 sold for a then Sanctuary Cove record $7.22 million.
The sale lifts the top 5 buys for the year to close to $60 million, all in the past four months.
Mr Tsai built his giant on a $2 million site bought from Edwin Yu, owner of Robina’s The Glades golf course, in 2007.
The house was intended for Mr Tsai’s family and was completed in 2011 but, after his adult children opted against living in Australia, he decided to remain in Taipei.
Last year he sold another Sanctuary Cove home for $1.5 million and in 2012 was sued for failing to settle the $1.395 million purchase of a 38th-floor apartment in the Hilton Surfers Paradise.
The mortgagee resold the apartment for $780,000 and the court action subsequently was discontinued.
The buyers of Mr Tsai’s Sanctuary Cove mansion, Feng Kou and Aiyi Wei, have a home that barely has been lived in, overlooks the Coomera River and has a 78-metre frontage to a private harbour.
The house was designed by David Carlson and Michelle Gibbons and has an internal lift that runs from the basement to the roof.
The basement has parking for five cars, plus golf buggies, and there is a theatre and a karaoke room, with its own bar, on the same level.
The home’s ground floor includes formal living and dining areas, a wine room off the dining room, a chef’s kitchen, casual living and meal areas, a study, guest bathroom, steam room, a large guest suite, and staff quarters.
An external living area, which can be fully enclosed with both fixed and motorised screens, contains a 25-metre pool heated to 28C, teppanyaki bar and full outdoor kitchen.
Three bedroom suites on the first floor include a master suite with a sitting area complete with a fireplace.
The house is topped by a 595sq m roof deck with 360-degree views, a bar area and provision for a hot tub and barbecue.
Construction took more than 18 months and materials used included 34,000 concrete blocks, 1500 cubic metres of concrete, 95 tonnes of steel, and 140 steel foundation screw piers.
A total of 1750sq m of natural stone and vitrified tile was used on floors and walls inside the house and another 750sqm on patios, balconies and pathways.
The house has 80km of electrical and data cabling.
Top 6 sales for 2016
$15.5 million, 57-59 The Corso, Isle of Capri
$13.25 million, 159 Hedges Ave, Mermaid Beach
$11 million, 18-20 Southern Cross Drive, Surfers Paradise
$11 million, 107 Albatross Ave, Mermaid Beach
$8 million, 7313 Bayside Close, Sanctuary Cove
$6.25 million, 3001 & 3002 ‘Ultra’ 14 George Avenue, Broadbeach
photo gallery50 GOLD COAST DREAM HOMES 2016