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As seen in the Source link, written by realestate.com.au on 2019-11-04 06:00:00

The Gilston property at 25 Fyfes Rd has sold in a $2.85 million deal.

AN eclectic estate that was once known as one of the Gold Coast’s most notorious party houses has sold five weeks after it hit the market.

A local family snapped up the Gilston property at 25 Fyfes Rd in a $2.85 million deal.

Kollosche agent Rob Lamb, who marketed the property with agency head Michael Kollosche, said the buyers wanted more space for their children to run around.

“They’re a local family moving off the water and wanted to purchase that property for their children,” he said.

“It was under contract in five weeks and we did have other offers prior to that.

“It was just really good timing.”

He said the level of interest in the property was a good sign for other quirky character homes like it.

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It went under contract within five weeks of hitting the market.

A local family will move into the property.

“It’s a particular type of property with its style and character,” he said.

“We did get a lot of inquiry and interest so that’s a good sign for the market.

“You get a lot for your money out there too.”

While it wasn’t for everyone, Mr Lamb said the house fit the buyers “perfectly”.

The Spanish mission-style residence has a history as colourful as its interior.

Several owners over the years have embraced and protected its unique character through updates.

It was built by a Malaysian prince in the 1970s then when ‘pyjama party king’ and property developer Bernie Elsey bought it in the 1980s, it became known as one of the Gold Coast’s most notorious party houses.

A four-year renovation has revitalised the house, which was build in the 1970s.

The sellers were determined to preserve the house’s character in the reno.

In more recent years, it has been home to Coast lawyer Andrew Wiltshire, his wife Alanna and their children.

They were attracted to the house’s unusual style so were careful to preserve it in their no-expense spared renovation.

“We bought it with the view of renovating it (but) we wanted to maintain the character of the home,” Mr Wiltshire said in September when it hit the market.

“It’s taken, on and off, probably about four years to renovate.

“The process itself has been a very long one but we’re very happy with how it’s ended up.”

The 2.02 ha property includes a four-bedroom house, self-contained guesthouse with an additional four bedrooms, a barbecue pavilion and Florida-style pool.

It has some pretty impressive features.

Bright wallpapers, ornate ceilings and feature light fixtures, including a Swarovski crystal chandelier, distinguish the home.

Property records show the residence last sold for $1.5 million in 2013.

It was listed in September this year with the owners asking for expressions of interest until a $2.7 million to $3 million price guide was attached.

Latest CoreLogic data shows Gilston’s median house price has jumped 19.8 per cent in the past five years to $605,000.

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