Harry Triguboff is selling his legendary Gold Coast holiday home

The Gold Coast penthouse of “High-Rise” Harry Triguboff is headed to auction, ending months of speculation about the billionaire’s plans for his legendary Main Beach residence.

Triguboff bought the 918-square metre apartment in the Silverpoint building 35 years ago for $2.6 million, using it as the family’s prime Gold Coast holiday home and a south-east Queensland base.

Auction

51/3510 Main Beach Parade, Main Beach QLD 4217

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But the construction king and Meriton boss hasn’t visited the home since the passing of his wife Rhonda in September last year, deciding finally to auction the property on Saturday, October 11, at 10am.

“I wasn’t sure what I wanted to do going forward,” Triguboff said.

“Whilst I was open to suggestions, my family and I have now decided that after 35 wonderful years of Silverpoint being our Gold Coast holiday home, it’s time to pass the property onto new ownership.”

Triguboff – who is Australia’s second richest person and valued at $29.65 billion on the Financial Review Rich List – is based in Sydney’s Vaucluse and famed for founding Meriton and overseeing the construction of tens of thousands of apartments across the country.

His two-level Main Beach penthouse is among the largest on the Gold Coast, and features one of Queensland’s biggest private rooftop pools, three en suite bedrooms, wrap around balconies, a private lift, entertaining terraces and a location that’s just steps from the dunes.

Co-selling agent Robbie Graham, of Ray White Main Beach, reckons it’s highly likely a local downsizer will win the keys.

“It’s still very liveable as is but it needs work done … and the person that buys it will probably be a Gold Coast empty nester who can spend a few million dollars renovating it. This is a once-in-a-lifetime opportunity … the apartment really is colossal,” he said.

“Over the past three years, 90 per cent of all apartments and houses sold over $2.5 million here have gone to Gold Coast-based buyers.

“I’m finding there are less international and Aussie expats in the market right now. And while eight years ago, the Gold Coast market was dominated by Sydney and Melbourne buyers, the pricing has progressed at such a rate that prestige suburbs here are now on par with some of Sydney and Melbourne’s top pockets.

“So the Gold Coast has become less attractive to them. Yet, there are buyers still prepared to pay a premium, and they are from the Gold Coast.”

While Queensland auction rules prevent Graham from commenting on just how much the Main Beach icon could fetch, he did point to the last sale in Silverpoint – a 498-square metre, fully renovated apartment four floors down that fetched $7 million in December last year. He also pointed to the suburb’s coming of age as a family hub that’s now brimming with top restaurants and bars.

“There’s a rejuvenation of Main Beach happening. If you went back 20 or 30 years ago, it was all mature-aged residents here,” he said.

“But now if you walk down Tedder Avenue on a Friday or Saturday night, the restaurants are filled with mums and dads and kids.

“We’re seeing a transition.”

He mentioned a recent standout sale of an original asbestos cottage on a 513-square metre block at 13 Rankin Street, that sold for $3.6 million last week.

“That sale has set a new benchmark because you’re talking about an entry point into a suburb that is so tightly held.”

Graham said the apartment record for Main Beach was $19.3 million – fetched in an off-market deal some years ago – while a five-bedroom, 750-square metre penthouse at 3519 Main Beach Parade sold for $19 million in 2022.

Figures from Domain’s latest House Price Report put the Main Beach apartment median at $1.445 million – making it the priciest Gold Coast suburb to buy a unit, and Queensland’s third most expensive – with prices swelling 88.9 per cent over the past five years.

“The appetite or the desire from external Gold Coast-based buyers coming into the suburb is at an all-time high. And there’s not enough supply,” said Graham.