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AFL star Tony Smith is making a comeback on Mermaid Beach on Australia’s Gold Coast. He just purchased a 1,220-square-metre holding on Surf Street, which runs off Albatross Avenue.
Smith got caught up in the real estate bust of 2008, but not before selling what he had hoped to be the biggest mansion on the beach to disgraced Internet poker payment processor-turned snitch Daniel Tzvetkoff.
The Australian broke down the history of that Tzvetkoff-purchased property that was eventually sold off at a huge loss.
It cost $17.5 million in 2007 and resold recently at $7.7 million, meaning the price dropped by about $50,000 a week during his four-year ownership.
Another $10 million plus loss on the Gold Coast's "Millionaires' Row" was incurred by the internet-billing company high flier Daniel Tzvetkoff, who splashed out $27 million in early 2008 on the unfinished mansion of fallen tourism entrepreneur Tony Smith and his wife, Simone. At its mortgagee sale in 2009 it resold at $17 million to drilling tycoon Peter Mitchell, who was cashed up after selling his business for $150 million. Given the Ipswich-born internet whiz-kid spent $8 million on almost completing construction, Tzvetkoff's foray actually translated to an $18 million loss.
Tzvetkoff won’t be making a comeback on Mermaid Beach any time soon. He’s widely believed to be entered into a US Government witness protection program after becoming a star witness in a high profile case against three of the once largest US-facing Web card rooms: Full Tilt Poker, PokerStars and UB.com.
- Ace King, Gambling911.com
