Queensland real estate: Gold Coast RUIN X sells for $2.7m to 26-year-old

More than 300 people came to watch an iconic Gold Coast property change hands.

The fully-rendered Burleigh Waters mansion is known as Ruin X to locals after its creative owners, Matt Jamieson and Emma Sweeny, who run a furniture label called Object X, spruiked up the house in a massive renovation.

The house had so much excitement surrounding it that it was named the most viewed listing on realestate.com.au last month.

It went under the hammer for $2,713,888 but not before a 26-year-old bidder made a dramatic entrance.

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Melbourne-based Christopher Shao had registered as a potential buyer and placed a representative in the crowd who made the second bid.

The assumption was that the mystery bidder must be elsewhere and unable to attend the auction, hence the representative.

But when bids stalled and it looked like the dream home had a new owner, the doors were flung open wide and in marched Mr Shao.

The Melbourne businessman had been in the Gold Coast the whole time.

Selling agent Eoghan Murphy told news.com.au Mr Shao made quite an entrance by pulling up in a Maserati and parking it in the driveway of his soon-to-be new home.

Mr Murphy admitted it was a “surprise”.

After a 40 minute consultation behind closed doors, the vendors came to an agreement with Mr Shao and ended the auction.

Speaking to reporters on the scene, Mr Shao said he spotted the property online and decided he wanted it badly.

“It’s one-of-a-kind, there’s nothing like it in Australia,” he told realestate.com.au.

It’s not Mr Shao‘s first time making a splash in the Australian property market.

He reportedly bought a luxury penthouse in the prestigious Melbourne suburb of Toorak for close to $15 million.

That was a record at the time.

The four-bedroom, two-bathroom house is unique, according to Mr Murphy.

”This thing blew up like I’ve never seen before,” he explained.

“This one is on a completely separate level, this is a testament to the house that they’ve built.

“It’s just so on trend, it was almost like the perfect Instagram home. They didn’t miss when it came to the functionality either.”

Vendors Matt Jamieson and Emma Sweeny purchased the property in October 2020, right before Australia’s huge housing boom.

Back then, it was only worth $775,000.

In less than two years, they’ve flipped the property, making a tidy $1.938 million in profit.

They reportedly spent five months renovating the property to give it its unusual rendered appearance.

The vendors were stoked with the price they ended up getting for the house, their selling agent said.

“The sellers were over the moon, they’re still partying,” Mr Murphy explained.

“Nothing in that pocket has transacted above $1.8 million, it’s a big price.”