A high-end beachfront property venture on Australia's Gold Coast, with links to Princess Beatrice's husband, has fallen into administration, leaving investors out of pocket to the tune of £10million.
The Masthead development, a £125million scheme that would have seen a luxury skyscraper rise on the Pacific Ocean shoreline, has collapsed entirely.
The prime oceanfront plot at Main Beach has been secured by the mortgagee, with fencing erected around the site and notices declaring it under their control.
The ambitious project had connections to Princess Beatrice's husband, whose design firm had been engaged to work on the tower.
Edoardo Mapelli Mozzi suffers blow as Beatrice's husband's project falls into administration
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Edoardo Mapelli Mozzi's interior design business Banda secured the contract to furnish the 37-storey residential tower in 2022.
The company, which specialises in upmarket property styling, was brought on board by millionaire developer Rory O'Brien to handle the design work for what was intended to be Banda's inaugural Australian venture.
When announcing the partnership, Mr Mapelli Mozzi expressed his enthusiasm for the collaboration, stating: "Masthead has all the ingredients we were looking for."
According to sources, Banda fulfilled its contractual obligations on the project, completing all interior design services by March 2023, before the development subsequently stalled.
Princess Beatrice and Edoardo got married in 2020 | PAThe proposed tower had received approval for 28 full-floor apartments, comprising a penthouse, two sub-penthouses and five "sky homes", with entry-level prices anticipated at AUS$5million (£2.5million).
Planned facilities included a wine and champagne lounge, a whiskey and cigar room, private dining areas, a coffee bar, and an elevated library with business meeting spaces.
Mr Mapelli Mozzi had spoken glowingly of the location in 2022, describing Main Beach as the "Golden Triangle" owing to its proximity to the Southport Yacht Club, Superyacht Marina and Spit parklands.
He compared the adjacent 140 hectares of parkland to Hyde Park in London, noting: "We had been looking for the right opportunity to bring us to Australia, and Masthead is absolutely the project we've been waiting for."
Edoardo Mapelli Mozzi is a high-end property developer | PALATEST ROYAL NEWS:
Edoardo Mapelli Mozzi pictured in Australia for work
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The mortgagee has now taken possession of the site and placed it on the market.
Agents Roland Evans and Angus Cottrell from Canford Estate Agents, alongside Jackson Rameau and Michael Willems of RWC Pacific Group, were appointed to conduct an expression of interest campaign.
Mr Evans highlighted strong demand for the coastal suburb, noting: "Main Beach has cemented itself as one of the Gold Coast's most sought-after enclaves."
Mr Rameau emphasised the rarity of such opportunities, stating: "Masthead is ready to go and its scale, design approval and irreplaceable beachfront position put it in a league of its own."
The development's planning approval remains valid.