Luxury mansion passed in at gala Gold Coast auction A sprawling Gold Coast mansion bought and renovated for $16 million has been passed in at auction for $5 million. The Bellagio La Villa, nestled in the Gold Coast hinterland on Tallebudgera Connection Road, was among a suite of multi-million dollar homes auctioned at a gala event at the Palazzo Versace on Thursday night. Despite the presence of 84 active bidders, the mansion failed to reach its reserve. The owners former husband-wife property moguls Paul and Viki Sweeney, who founded Coral Homes, purchased the 17 hectare estate in August 2006 for $8 million and spent a further $8 million turning it into their dream home, completing the renovations in 2008. The palatial home, furnished with baroque-style decor, is the subject of a court-appointed separation sale. The auction failure joins the fabric of a depressed Gold Coast property market. Only six of 11 properties up for auction sold under the hammer. Their total sale price was about $14 million. A beachfront home on Hedges Avenue at Surfers Paradise - the Gold Coast's own millionaires' row - sold for $5 million. A luxury four-bedroom Korong Street home overlooking the Nerang River at Southport sold for $4.055 million, while four villas on Breaker Street at Main Beach sold for between $1.1 and $1.27 million. Ray White Surfers Paradise chief executive Andrew Bell said negotiations would continue with buyers interested in the remaining properties, including the Bellagio La Villa. "I'm confident we will sell 100 per cent of tonight's properties," he said on Thursday. The Gold Coast property market has weathered four consecutive years of falling prices as discretionary spending and individual wealth were eroded in the wake of the global financial crisis. Values in the region's prestige market have been hit hardest, falling as much as 50 per cent in some cases. Despite the downturn, recent sales in the area have included a record $12 million for a Sanctuary Cove property and $9.5 million for a house on the Nerang River at Southport. Mr Bell said the six sales secured on Thursday night were a good sign for the market. "The sales under the hammer of such high quality properties and the strength of bidding shows that people have identified that now is the time to make their move on blue chip properties on the Gold Coast," he said. Bidding was very robust and the prices achieved on most of the properties were a very positive sign.