Imitation Gothic castle on Sovereign Islands loses its crown at auction as buyers have less kingly inclinations

The iconic imitation European Gothic-inspired castle on Sovereign Islands lost its crown at its auction last night, with its new owners immediately signalling plans to renovate one the most distinctive homes on the Gold Coast island estate.

The not quite majestic Knightsbridge Parade West mega-mansion fetched $5,325,000 at its Ray White Runaway Bay auction through Ali Mian.

With seven bedrooms and nine bathrooms, the Paradise Point property had a $20 million tag when it first listed in 2010.

It most recent asking price was $7.5 million.

It’s been marketed with an estimated replacement cost of the house and land at $12 million.

It was built by the founder of internet travel website Club Freedom, Ron Litherland, and finished in late 2009, when the Gold Coast Bulletin identified it as one of 12 super mega-mansions under construction in the precinct.

It’s set on a 1,458-square-metre block bought for $3.75 million in 2007 by the Phuket-based former truckie from Brisbane.

The four-level castle, complete with balustrades and turrets, has two studies and comes with heavy mahogany doors and copper window frames. There’s a home theatre, a library, billiard room and an entertainment area on the roof. In the basement there is a garage for up to 20 vehicles.

The house has floors of polished travertine marble, fireplaces in Sahara Gold granite and hand-crafted, mahogany-mullioned windows.

"The buyer has got plans to renovate the entire home," Mian told the Gold Coast Bulletin.

“They like the area and position but wanted to do it to their taste. The taste of the house is different."

On its completion the builder, Rob Smith, told the Bulletin that “people are realising the natural beauty of the area and want to enjoy every inch of it.”

Smith said it had been the long-held dream of Ron Litherland to live in a castle.