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This is what $12 million can buy

A GOLD Coast mansion has hit the market with a $12 million price tag, nearly double its last selling price after extensive renovations.

Property records show the palatial waterfront house at 8-10 Marseille St, Sorrento was bought by investor Robyn Smith in 2007 for $6.2 million. It’s now listed for $11.95 million.

It’s a $2 million drop from earlier this year, when it was on the market with a different agency for $13.98 million.

The highest sale in Sorrento was $7.22 million for a 7 bedroom mansion on the same street in 2014.

But three years later, Ms Smith said the timing was right to sell.

“I initially thought the house was too big for us, I was going to knock it down and build something smaller,” Ms Smith said.

After living in the house for a year, she realised, “it would have been a sin to knock it down”.

“It’s a beautifully built, solid, strong home. I couldn’t recreate it and still have that feel.”

Instead, the house was extensively renovated, to open up the property along its entire 70m length of water frontage.

The result is luxury resort-style, with huge bedrooms, a decadent master suite, high ceilings and expansive entertaining areas on a sprawling 2703sq m riverfront block.

The design also catered for Ms Smith’s two children.

Features include a full-scale surfer mural adorning a bedroom wall, and there’s a tennis court, lap pool, diving board and pontoon.

“We gravitated from tinnies and canoes to bigger toys, jetskis and fishing boats as the children grew up,” Ms Smith said.

The mother of two is selling to downsize, but said she hopes to replicate some features of the property at her next house.

“It’s been the perfect home for entertaining. We’ve had picnics on the beach. It caters for holidays with families, or having friends over for cocktails. Then there’s the music room with the baby grand.”

Michael Kollosche of Kollosche Prestige Agents is marketing the property.

“There are few homes in Sorrento of this calibre, and homes of this size and quality do not come to market often,” he said.

Mr Kollosche has compared the mansion to properties in tightly-held Monaco St in Broadbeach, known for its multi million dollar mega mansions and high profile owners.

“It is comparable in size and offering to some of the best homes on Monaco St,” he said.

“The Sorrento market in the past few months along with its neighbouring suburbs at Isle of Capri and Broadbeach Waters has become increasingly popular and the sales recorded have been strong”.

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