Gold Coast mansion to sell for $7 million profit in two years

A Gold Coast business identity stands to make close to $7 million profit on his house in only two years.

Records show business identity Jonathan Grasso, co-founder and managing partner of property consulting group Belvue International, purchased 131-135 Monaco St, Broadbeach Waters, with his wife, Roberta, in 2015 for $3.14 million.

Only two years later, it’s back on the market with a list price of $9.95 million — representing a tidy $6.81 million profit.

If the Grassos’ mansion sells for the list price, it would mean it has risen by a whopping 217 per cent of its original value, a staggering result given the time frame.

For $9.95 million, the Grassos’ home offers exceptional luxury. Set on a prime 2303 square metre block with 24 metres of north-to main river frontage, this tri-level architecturally designed residence spans 130 squares and includes self-contained nanny quarters, wine and piano lounge, riverfront cabana, 25-metre heated lap pool, 12-metre pontoon with power, five bedrooms, seven bathrooms and a 10-car basement garage with cinema.

And they’re not shooting for the stars with the price either, agent Michael Kollosche of Kollosche Prestige says.

“These owners were lucky; they bought this property a couple of years ago when the market was much flatter and now they’re selling at a time where there’s been a flurry of activity in this street, with a number of properties transacting in recent months,” he says.

“It’s usually very hard to get in there (Monaco Street). The properties there are very tightly held.”

Monaco Street, an exclusive stretch of Broadbeach fronting the Nerang River, has long been famous for its multimillion-dollar mega-mansions and high profile owners — and a string of recent jaw-dropping transactions has only reinforced its position as one of the Gold Coast’s most exclusive addresses.

Recent sales in the street include 255 Monaco Street, Broadbeach Waters, which Mr Kollosche sold in an off market deal for $11 million.

201-205 Monaco Street, which sold for $9.5 million in only 21 days, was purchased by a Taiwanese billionaire who bought it as a holiday house for his son.

75-77 Monaco Street, also brokered by Mr Kollosche, sold last month for $9 million.

Prestige property on the Gold Coast continues to go from strength to strength. Figures from the Domain Group’s rental and house price report show houses on the Gold Coast grew by 7.3 per cent overall last year — the best result of all major Queensland regional markets.

More than half of the top 20 property sales in Queensland were made on the Gold Coast last year; the top five alone, all located at Surfers Paradise and Mermaid Beach, totalled $76.2 million.