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25 year old buys $28million mansion

by Marquette Turner

in Money & Business, News & Views, Real Estate Radar

The 25-year-old son of Bulgarian immigrants has snapped up one of the most expensive properties in Australia.

Internet entrepreneur Daniel Tzvetkoff paid 28 million Australian dollars (26 million US dollars) for an uncompleted beachfront mansion on Queensland’s Gold Coast, The Sydney Morning Herald reported Tuesday.

The mansion will have an estimated value of between $50 million and $70 million when it is completed.
Mr Tzvetkoff, who is of Bulgarian origin but was born in Ipswich, started the online payment business Intabill when he was 18 with his business partner Salvatore Sciacca, a cousin of former federal minister Con Sciacca.

The father of one, who is engaged to be married in the coming months, said the mansion would be his family home.

“We’re not out there to have the biggest place or anything like that,” he said.

“We bought it to live in and raise a family. The property to me, was about the right time and a good investment for me.”

Mr Tzvetkoff bought the property from former Sydney Swans ruckman and Breakfree founder Tony Smith, who has been hit by the collapse of tourism group MFS earlier this year.

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