Property gamble sees a $4m price cut for former casino executive

first_imgThe owner of this stunning home accepted much less than he had initially wanted for the home.A GAMBLE on a six-star dream home failed to play out as a former casino executive envisioned, forcing him to accept a $4m price cut. Joe Guiseppe, who was an executive with Monte Carlo’s second biggest casino before he retired to his favourite holiday destination – Noosa – had developed a massive 2,611sq m waterfront site for his forever home. The arches are very European.Mr Guiseppe told The Courier-Mail that it was a sad day for him.“I feel sad because I will never (have) a house like this one. It was my private resort. But due to my illness I had to sell it albeit under market value.” Rooftop terrace at the stunning Noosa homeThe home sold for $4.75m on February 10 according to realestate.com.au. The home has a full size flood lit tennis court.Among the most striking feature was his creation of a grand waterfront entertaining pavilion between the pool and the waterfront, with a waterside roof terrace as well. center_img The ceilings soar above the living spaces.He threw in everything he’d seen highrollers become accustomed in Monte Carlo including soaring 3m high ceilings, a gourmet main kitchen plus a waterside kitchen, a massage treatment room with jacuzzi, a Hammam steam room with shower, a fully equipped gym, home cinema with bar, a gas heated Roman pool plus a 19m lap pool, a full size floodlit tennis court and a large boat jetty.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agothe property has room for a large boat.But when illness struck he was forced to try and cash out of the property – which was when he hit a decade long hurdle.According to CoreLogic records, he had initially put the property on the market for a whopping $8.8m in 2006, then dropped the price to $7.3m between 2006 to 2009, before moving to $5.8m in 2011. He then tried putting it up for auction in 2013 and when that did not work, he had it sit on the market looking for offers over $4.7m. The home was meant to be a forever home.The home was designed so that multiple generations could coexist in the same space, with a retreat room that has its own lounge and full bathroom, a master bedroom with twin ensuites, three ensuited guest bedrooms, a guest living room with a kitchenette and a self-contained apartment for the caretaker or nanny.last_img

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