Soul penthouse in Surfers Paradise sells for record $15.25m

A penthouse in Surfers Paradise has smashed price records, becoming the most expensive apartment ever sold in Queensland.

The four-storey penthouse atop the Soul tower sold under the hammer for $15.25 million on Friday – which Domain records showed to be the most expensive property ever sold at auction in Queensland.

The five-bedroom, seven-bathroom penthouse was owned by tech businessman Andrew Koloadin, and sold through Tolemy Stevens of Harcourts Coastal.

The auction drew five registered bidders, three in person and two on the phone. Auctioneer Damien Cooley of Cooley Auctions – who was flown up from Sydney – kicked off proceedings with a vendor bid of $12 million.

The bidding climbed to $13 million, then $13.5 million, before coming to a halt at a $14 million offer made by the eventual buyer, Mr Cooley said. Negotiations ensued on the auction floor and the buyer, who was bidding over the phone, increased their offer to $15.25 million, at which the property sold.

Mr Stevens said he was honoured to be able to market such an iconic piece of real estate, adding that the Surfers Paradise’s market had come back swinging.

“It’s absolutely fantastic to say that Surfers Paradise now holds the auction record for Queensland,” he said.

There had been no price guide for the luxury home ahead of the auction, but Mr Steven previously told Domain that a $20.1 million apartment auction record set in Sydney’s Bondi Beach in March was a fair comparison.

The result was still more than double the $6.5 million that records show Mr Koloadin purchased the property for in 2018, when it was a shell of a penthouse. He spent more than $7 million on a lavish renovation of the four-storey pad – and incurred $370,000 in stamp duty fees – but has still come out ahead.

The property also sold for more than a sprawling seven-bedroom waterfront mansion on the Gold Coast’s Sovereign Island, which sold for $14.18 million earlier this week.

The penthouse, which spans 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 previously the two-storey penthouse owned by businessman Ron Bakir in the Chevron Renaissance building, also in Surfers Paradise. That penthouse was a little smaller and sold for $9.5 million in 2018.

The Soul penthouse is spread across levels 70 to 73 and features multiple living areas, indoor and outdoor kitchens, a butler’s kitchen, a study, library, full bar and club lounge.

It also has two heated spas, a swimming pool, multiple balconies offering ocean and coastal views, a covered rooftop terrace and parking for eight cars.

High-end finishes are featured throughout the home, including European oak floors, Hansgrohe bathroomware, custom-built chandeliers, Balinese pool tiles, TOTO Japanese toilets and Apple Airplay speakers in each room.

The property was sold fully furnished and interested parties also had the option of paying in Bitcoin.

Mr Stephens said the buyer paid in cash, with the sale to settle in 30 days. He declined to reveal who the successful purchaser was but noted the property had drawn interest from buyers across Australia and around the world over the course of the campaign.

Despite the lavish renovation, Mr Koloadin had never lived in the 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.