Geoffrey and Brynne Edelsten's Palazzo Versace, Gold Coast apartment set for auction

The former entrepreneurial medico Geoffrey Edelsten, who's filing for chapter 11 bankruptcy in the US, is selling his opulent Palazzo Versace, Main Beach apartment.

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The Gold Coast apartment was bought in late 2011 before its $1.5 million refurbishment will be auctioned this weekend through Lucy Cole of Lucy Cole Prestige. It reportedly cost around $3 million, although the transfer documents suggest it was around $600,000 for the property, which was mortgaged with a $650,000 loan in mid-2013 at 9.25%.

Geoffrey Edelsten's estate agent told the Gold Coast Bulletin's Quentin Tod that the penthouse was surplus to his needs. It comes as his wife, Brynne's publicist John Scott confirmed the Melbourne-based couple had split six weeks ago and were negotiating their settlement.

The two-level property, which overlooks the Broadwater, comes with a large rooftop garden with spa.

It comes with genuine Versace furniture imported from Milan comprising the finest leathers and brocades, exclusive Italian bed linen and tableware, exquisite lighting including a massive crystal chandelier.

"Costing over $1.5 million dollars, the refurbishment has created a splendid and unique living environment at the Gold Coast's most exclusive address," the Lucy Cole markting says.

Art sculptures in the garden were flown in by helicopter. It comes with marina berth.

His US financial troubles stem from a fallout with business partners who are fighting him for control of the House of Nurielle fashion label, an executive jet, a casino in the Dominican Republic and two slum rental housing complexes in Memphis, Tennessee and Dayton, Ohio.

Mr Edelsten's Australian lawyers told Fairfax Media the bankruptcy filing was a strategy to "better realise the investments made in the US."

 

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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