The Gold Coast mansion of former high-flying entrepreneur Daniel Tzvetkoff has been sold for $17 million, despite the fact that the unfinished home still needs a lot of work.
The empire of Tzvetkoff, who was formerly listed on BRW’s Young Rich list with a $120 million fortune shared with former business partner, Sam Sciacca, collapsed in July under $80 million of debt.
The pair’s main business was Intabill, an online payments company which had a strong presence in the online gambling sector, particularly with online poker sites.
Receivers PricewaterhouseCoppers took control of the mansion on behalf of National Australia Bank, which is reportedly owed $18 million.
According to a report in the Gold Coast Bulletin, the property has been purchased by Gold Coast businessman Peter Mitchell. He was the founder of mining industry services company Mitchell Drilling, which he started in 1969 and sold last year for $150 million.
Tzvetkoff said in a statement to the newspaper he was disappointed the home didn’t fetch more money but was pleased the mortgagee would be paid.
Tzvetkoff bought the property, which sits across four blocks on the Gold Coast’s exclusive strip, Hedges Avenue, for $28 million from former tourism entrepreneur Tony Smith, who struck trouble when Gold Coast property and financial services company MFS started to unravel.
Tzvetkoff then started work remodelling the beachfront home, but work stopped abruptly earlier this year when his business empire started to crumble.
It has been estimated it will cost $500,000 to $2 million to finish the home off.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
