Baltimore, a mega-mansion in the Sovereign Islands that sold for $ 11 million in December, is set to return to the market with offerings of more than $ 20 million.
If it is sold, unpretentious owners Paul and Kim England will almost double their money in just over six months.
While this may seem ambitious, the couple believes the asking price reflects the true value of the property and what they paid for it was luck.
The house belonged to American billionaire Susan Lilioha, who in 2006 laid out $ 11 million for a four-story monolith at 46-48 Royal Albert Cst for her daughter, who never stopped by.
In 2010, Ms. Lilioha put the house on the market, where, according to RP, stood for almost ten years. It returned to the market in 2019, but was withdrawn again in May 2021.
When the British made their sincere offer in December, they did not expect it to be accepted.
“It was only a matter of time,” said Mr England, who owns the national spa company Spas Direct.
“We were renting out Sovereign, and one day I accidentally asked the caretaker if the owner was interested in selling it,” he said.
“The price we offered was all we had, so if the owner had said no, that would have been all we would have gone. We couldn’t believe it when she said so. We feel like we got a real deal.
“I mean, there has to be some value in this house. He still can’t be worth what someone paid for him in 2006. If you compare it to some of the latest sales on Sovereign, we don’t think we’re too ambitious. ”
According to the REA Group, the value of real estate in Paradise Point, which includes the Sovereign Islands, has grown by 56.6% over the past five years. The average cost of a home is $ 1.625 million.
Isaac and Ivy Wu of Ivy Realty, who will present the property for sale when it is listed in two weeks, said they were surprised by the recent sale price.
“I couldn’t believe it was the same thing that the previous owner paid for in 2006, especially in such a hot market,” Mr Wu said. “It certainly was a smart purchase.”
England, located on an area of more than 2000 square meters on a block of 1440 square meters, has spent a lot of money on the modernization of a house with seven bedrooms since moving.
“The house is solid concrete, but has not been used for a long time, many things did not work,” – said Mr. England.
“Some of the living quarters looked like a waiting room in a morgue. Now we’ve fixed it all and added a little color to the walls, so hopefully it’s more like a house. “
As part of the modernization, the British, who previously lived in Broadbeach and did not have a casino, decided to turn one of the rooms into a fully functional own casino with a bar, full-size gaming tables and Baltimore branded chairs and games chips.
“It’s just fun, but it’s a great space for a party,” Mr England said.
They also installed one of their branded double spas on the outdoor balcony and equipped an aquarium for tropical fish that runs next to the indoor pool, among many other upgrades.
England has retained some of Louis Vuitton’s original furniture and artwork in limited editions that were part of the property for more than $ 1 million that came along with the sale.
Although the family says they are very happy in the house, Mr England admitted that he was targeting an even larger mansion owned by Ricardo Rizz at 26-34 Knightsbridge Parade East.
“I’ve always aspired to have this house. I just need Rick to come to the party for the price, ”Mr England said.
Mr. Ritz’s property on Knightsbridge Pde has been on the market for several years and was last listed in 2021 with a price tag of $ 50 million.