Peter Drake's Mermaid Beach trophy mansion remarketed

Oceanview, the luxurious four level mansion on a double block on exclusive Mermaid Beach on the Gold Coast has been now listed for a September 29  auction by McGrath Estate Agents.

It had previously been listed with a $20 million asking price by listing agents Luke and Andrew Henderson from John Henderson Professionals Mermaid Beach.

Constructed by Graeme Cameron Constructions, Oceanview, is the home of LM Investment Management founder Peter Drake.

Luke Henderson advised the Australian Financial Review that potential buyers were being shown the home as late as Friday morning before he was told Henderson Professionals would no longer be required.

The modern mansion on its 1600 square metre Albatross Avenue millionaires' row holding was featured on the television show Great Australian Sandcastles.

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The Paul Uhlmann-designed house also appeared in the book Beach Houses Down Under.

The $20 million asking price would be among the highest prices paid for a home on the Gold Coast bettering the $19 million paid by Harvey Norman executive Steve Cavalier in 2006 for a home on Hedges Avenue.


The four-level home has six bedrooms, eight bathrooms, a home theatre, five car parking, plus roof-top bar and entertainment area, gym and even a skateboard ramp.

On its listing in April, Title Tattle noted "high prices along Mermaid Beach haven't been achievable for some time" as the Gold Coast's Millionaires' Row bore the brunt of the property price collapses following the global financial crisis.


Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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