Soul penthouse in Surfers Paradise aims for Queensland auction high

One of the most expensive penthouses in Queensland — atop the Soul tower in Surfers Paradise and owned by tech businessman Andrew Koloadin — goes to auction on May 28 amid hopes of more than doubling the state’s apartment record.

There is no price guide for the residence ahead of the auction, but agent Tolemy Stevens, of Harcourts Coastal, said the recent $20.1 million apartment auction record set in Sydney’s Bondi Beach last month was a fair comparison.

“The vendor wouldn’t be selling it just to recoup his costs,” Mr Stevens said.

Those costs amount to more than $13.8 million given it was purchased as a shell in 2018 for $6.5 million, incurred $370,000 in stamp duty and has scored a lavish renovation complete with a high-tech fit-out costing more than $7 million.

The four-storey pad of almost 1100 square metres was previously owned by Hong Kong billionaire tycoon Tony Fung, who sold at a loss to Mr Koloadin given he had purchased it from receivers in 2015 for $7 million.

The most expensive apartment sold in Queensland was the two-storey penthouse owned by businessman Ron Bakir in the Chevron Renaissance building, also in Surfers Paradise, for $9.5 million in 2018.

The Soul penthouse is a little larger and includes one of the highest private swimming pools in the state.

The five-bedroom spread across levels 70 to 73 includes seven bathrooms, executive study, library, full bar and club lounge, two heated spas and parking for eight cars.

High-end finishes throughout include European oak floors, Hansgrohe bathroomware, custom-built chandeliers, Balinese pool tiles, TOTO Japanese toilets and Airplay speakers in each room.

It is to be sold fully furnished and with the option of being paid for in Bitcoin.

Depite the no-expense-spared fit-out, Mr Koloadin has never lived in the recently completed apartment. Mr Stevens said he had decided to sell given plans to remain living in Sydney.

Mr Koloadin founded web-hosting company Digital Pacific in 2000, making it Australia’s largest privately owned hosting company before he sold it in 2017 for $52 million.

Title records show Mr Koloadin is based in Sydney’s Sutherland Shire, where he bought his grand five-level waterfront mansion for $7.1 million in 2018, setting a suburb record for Kyle Bay.