Billionaire beachfront battle ends in $12.3m deal as steel dynasty family sells Millionaires’ Row Gold Coast villa

by

The wealthy family from Australia has sold their highly valued oceanfront property on the Gold Coast, as they were unable to prevent a neighbor’s ambitious construction project.

As a passionate admirer, I can’t help but share my excitement over the recent windfall of the Smorgon clan! They’ve just cashed in a whopping $12.3 million from the sale of their exquisite Mediterranean-style villa nestled on the coveted Hedges Ave, aka Millionaires‘ Row on Mermaid Beach. Simply amazing!

On Friday, realestate.com.au reported that the home was bought in 2010 by Eurogold Developments Pty Ltd, a company owned by Melbourne businessman Graham Smorgon and his family.)

The family shelled out $5.5 million for a two-story home that boasts a rooftop swimming pool, an entertaining terrace, and breathtaking modern design.

Mr. Smorgon hails from the influential Smorgon Steel lineage, which was formerly Australia’s biggest privately-owned family business, boasting a net worth approximated at over $2.7 billion.

He also served a 12-month term as Carlton Football Club president from 2006 to 2007.

Last year, a wealthy businessman residing in Melbourne decided to take Lindsay Sinclair, the founder of Highgrove Bathrooms, to the Planning and Environment Court. His intention was to prevent construction on a four-story house that he planned to build near his own residence.

In 2017, Mr. Sinclair, who established Highgrove on the Gold Coast back in 2005 and expanded it to over 50 showrooms across the country, purchased a 405 square meter plot for approximately $4.6 million.

The architect’s elaborate plan, encompassing four private bedrooms with attached bathrooms, a personal entertainment area (or “man cave”), a wine storage room, a rooftop patio, a basement, and an elevator, was eventually given the green light by the council in 2024 following an initial rejection.

In this affluent neighborhood, you’ll find Clive Palmer, a successful businessman, who recently splurged $28 million on a magnificent mansion within its borders.

The Smorgons’ 13.5 meter-tall mansion is currently being built, and with the high interest in the local real estate market, they’ve decided to sell their property, taking advantage of the situation.

A beautifully refurbished six-bedroom, five-bathroom villa features a luxurious master suite complete with its own private balcony.

The space includes a large walk-in closet and private bathroom (en-suite), as well as three more bedrooms each with their own en-suite bathrooms, a home workspace, and a media lounge.

The listed property is a villa inspired by the Mediterranean, offering a unique dual beachfront location on Hedges Avenue. This privileged position provides panoramic ocean views, and it’s situated within one of the Gold Coast’s most exclusive neighborhoods.

The Smorgon’s topped the BRW Rich Families in Australia list for seven years in a row up to 2015.

Naum Smorgon established a butcher shop in North Carlton back in 1928, and it gradually expanded into one of the biggest private businesses down under, known as Australia’s largest privately owned institution.

In 2005, OneSteel purchased Smorgon Steel for a whopping $2.5 billion. This sale enabled brothers Victor and Eric to establish their own groups – the Victor Smorgon group and Escor Group independently.

The Victor Smorgon Group encompasses businesses such as General Pants Co, Vicfam Plastics, and Smorgon Fuels, whereas the Escor Group primarily deals with real estate, investments, and cosmetic products.

Read More

2025-08-09 08:33