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It’s back! Bellagio La Villa in Tallebudgera
Billionaire developer Riyu Li is seeking a partner to build a housing estate on lots surrounding his Gold Coast mansion as part of a fresh push to offload the $50m semi-rural estate.
Mr Li, who initiated the $1bn Jewel three-tower project in Surfers Paradise, stunned the real estate industry when he turned down a cash offer of $42m for his Tallebudgera property, announced at auction in 2023.
A ten-bedroom mansion is the centrepiece of the creekside property
Now, the creekside property is for sale again, marketed by Mr Li’s longtime associate Belle Yin, as well as ERA Real Estate Queensland agent Alex Caraco.
Mr Li set his price at $33m for Bellagio La Villa – the extravagant 10-bedroom mansion that forms the centrepiece of the estate – or $50m including the surrounding lots.
Ms Yin said the seller was also exploring options for developing the surplus land – much of which has been identified as potentially flood-affected – into residential housing.
Owner Riyu Li (second from L) with Gold Coast mayor Tom Tate at end-of-year celebrations for the Jewel Development at Surfers Paradise
“He is looking for a partnership or joint venture with either local Australian or international developers who can work together to develop residential-type big lots that could help with the housing supply shortage on the Gold Coast and put more benefit back to the community,” Ms Yin said.
Any development proposal would involve community consultation and be subject to council approval.
Mr Caraco said marketing would be focused in southeast Asia, where the mansion’s grandiose style was popular.
“I’m marketing the property in southeast Asia at the moment to 13 countries, mainly advertising in Vietnam and Singapore, promoting to high-net-worth billionaires,” he said.
Wrought iron gates lead onto manicured hedges and foundations, while inside finishes include coffered ceilings, marble floors, crystal chandeliers, and French doors.
There’s a showroom garage which doubles as a ballroom, baroque-style formal dining room, heated indoor pool and spa, sauna and gym, and an in-house pet grooming salon.
Marble floors through the kitchen
A huge chandelier crowns the entry foyer
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The Michael Witty-designed house and a caretaker’s cottage occupy 17.81ha over two titles, while the remaining land over five titles brings the total parcel to 42ha.
Mr Li first listed the holding at 49-109 Tallebudgera Connection Rd in December 2021, after Gold Coast City Council rejected his proposal to develop a $160m wellness precinct amid vehement community opposition.
Property records show he purchased the site for $7.2m in 2014 and poured millions of dollar into upgrading the house, which was formerly owned by Coral Homes founders Paul and Vicki Sweeney.
The sprawling master bedroom
Twin tubs in the master ensuite