One of Australia’s richest families has cashed out of their prized Gold Coast beachfront home after failing to block a neighbour’s towering plans.
The Smorgon family recently pocketed $12.3 million from the sale of their luxury Mediterranean-inspired villa on Mermaid Beach’s prestigious Hedges Ave—more commonly known as Millionaires’ Row.
Property records show the home was bought in 2010 by Eurogold Developments Pty Ltd, directed by Melbourne businessman Graham Smorgon and wife Annette, along with their children, reported realestate.com.au on Friday.
The family paid $5.5 million for the two-storey residence, which features a rooftop pool, entertainment terrace and stunning contemporary architecture.
Mr Smorgon is part of the Smorgon Steel dynasty, once Australia’s largest private family company with an estimated fortune exceeding $2.7 billion.
He also served a 12-month term as Carlton Football Club president from 2006 to 2007.
One of Australia’s richest families has cashed out of their prized Gold Coast beachfront home after failing to block a neighbour’s towering plans. Pictured: Businessman Graham Smorgon
The Smorgon family recently pocketed $12.3 million from the sale of their luxury Mediterranean-inspired villa on Mermaid Beach’s prestigious Hedges Ave—more commonly known as Millionaires’ Row
Property records show the home was bought in 2010 by Eurogold Developments Pty Ltd, directed by Melbourne businessman Graham Smorgon and wife Annette, along with their children, reported realestate.com.au on Friday
The Melbourne-based tycoon took Highgrove Bathrooms founder Lindsay Sinclair to the Planning and Environment Court last year, in an attempt to halt construction on his proposed four-storey mansion down the street.
Mr Sinclair, who founded Highgrove on the Gold Coast in 2005 and grew it to more than 50 showrooms nationwide, bought the 405sqm block for $4.6 million in 2017.
His grand design—featuring four ensuite bedrooms, a man cave, wine cellar, rooftop terrace, basement and lift—was approved by council in 2024 after an earlier knock-back.
The wealthy area is also home to businessman Clive Palmer, who last year purchased a mansion in the area for $28 million.
With construction now underway on the 13.5 metre-high mansion, the Smorgons have sold their property, capitalising on the high demand in the area.
The six-bedroom, five-bathroom villa was recently renovated and boasts a master suite with a private balcony.
It also features a walk-in robe and ensuite, three additional ensuite bedrooms, a home office and a media room.
‘This Mediterranean-inspired villa boasts a rare double absolute beachfront position on Hedges Ave, delivering sweeping coastal views in one of the Gold Coast’s most prestigious enclaves,’ the property listing reads.
The family paid $5.5 million for the two-storey residence, which features a rooftop pool, entertainment terrace and stunning contemporary architecture
The Melbourne-based tycoon took Highgrove Bathrooms founder Lindsay Sinclair to the Planning and Environment Court last year, in an attempt to halt construction on his proposed four-storey mansion down the street (far right)
The Smorgon’s topped the BRW Rich Families in Australia list for seven years in a row up to 2015.
The family wealth began with a butcher in North Carlton founded by Naum Smorgon in 1928, which grew to become Australia’s largest privately owned institution.
Smorgon Steel sold for $2.5 billion to OneSteel in 2005, allowing brothers Victor and Eric to start the Victor Smorgon group and Escor Group respectively.
The Victor Smorgon Group includes General Pants Co, Vicfam Plastics and Smorgon Fuels, while Escor Group focuses on property, investments and cosmetics.
