The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.
The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.

Casino boss loses $4m on waterfront Sunshine Coast 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 ceilings soar above the living spaces.
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.

The property has room for a large boat.
The 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 sold for $4.75m on February 10 according to realestate.com.au.

More on this at realestate.com.au

News Corp Australia


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