Chinese investor makes $1.5million profit after selling sprawling cattle farm…but still can’t offload his $50million mansion nearby
- Chinese property magnate Riyu Li sold his huge Gold Coast cattle farm
- Wirlinga Park is one of a number of properties the billionaire owns in the area
- Mr Li went on a buying spree in Tallebudgera Valley between 2014 and 2016
- His nearby mansion Bellagio La Villa remains on the market for $50million
A Chinese billionaire with extensive property holdings on the Gold Coast has made a tidy profit on a scenic farm he purchased six years ago… while still trying to offload the $50million mansion he owns in the same area.
Riyu Li, who moved his family to Australia from China in 2000, recently sold beautiful Wirlinga Park cattle farm in the Tallebudgera Valley for $5.35million.
Mr Li had purchased the property in 2015 for $3.95million. He achieved the $1.5million profit by breaking the 105.78 hectares into two parcels.
Wirlinga Park cattle farm in the Tallebudgera Valley sprawls over 105.78 hectares
The $5.35million sale price for the property was achieved by breaking it into two parcels
Riyu Li (right) with Gold Coast Mayor, Tom Tate (left). Mr Li moved to Australia in 2000
One was bought for $3.2million by Gold Coast financial services identity Scott Bradford via his Inprop Australia company, and the other by another Gold Coast resident, Lucinda Barry, for $2.15million.
The property, currently used for cattle grazing, includes six spring-fed dams, a fully fenced boundary and superb views of the coastline.
Mr Li famously went on a buying spree in the Hinterland area in 2014-15, purchasing the enormous 10-bedroom Bellagio La Villa – also in Tallebudgera Valley – for $7.2million in 2014.
He is currently trying to sell that property for what would be a Gold Coast property record of $50million.
Mr Li purchased nearby Bellagio La Villa and surrounds for $7.2million in 2014
In 2015 Mr Li also bought a 162.5 hectare property at 142 Ryans Rd in Tallebudgera Valley for $3.5million, which he still owns.
Mr Li made his money through Ridong Group, the company he started in 1995 to develop properties in the residential, commercial, tourism and retail sectors.
He had been active in property investment in Australia since his arrival here in 2000.
But the rejection by Gold Coast Council of his plans to develop two of his hinterland properties appears to have dented his enthusiasm for owning in the area.
Mr Li’s plans for a resort on the Bellagio property, including more than 100 units, were knocked back by Gold Coast Council
Mr Li had plans to turn the Bellagio La Villa property into a resort, featuring a hotel and 108 units, dashed by Council in 2020.
His plan for an extreme adventure park on the Ryans Rd property, which were to include a 2.3km zip line, toboggan run and a 14km 4WD track, were also knocked by the Council.
The Ryans Rd property was subsequently put on the market for $6 million but remains a part of Mr Li’s Macroland Southport Ltd Ltd holdings.