Lavish palace once on sale for £125 million with NO reserve.

An extraordinary palace which once had a £125 MILLION asking price is to be auctioned off with NO reserve. Playa Vista Isle has 11 bedrooms, 22 bathrooms, a 3,000 bottle wine cellar and garage with space for 20 cars.

Previously known as 'La Palais Royal', the 60,000sq/ft residence was named 'World's Best Property' in the 2016 International Property Awards. The incredible five-acre estate, in Hillsboro Beach, Florida, boasts 13 water features including six waterfalls, a 4,500sq/ft heated infinity pool and an oversized jacuzzi with panoramic views across the horizon.

There is South Africa marble flooring throughout the mansion while the grand foyer staircase took more than three years to design and build. The family room has a 1,300-gallon custom aquarium wall while many of the rooms have 22-karat gold leaf gilding. It also has the world’s first private 3D-Imax theatre. The mansion, located between Miami and Palm Beach on Florida’s ‘Millionaire’s Mile’, was previously valued at $159 million. (£125m)But after failing to find a buyer its owner, Robert Pereira, has decided to sell it through Concierge Auctions in cooperation with ONE Sotheby's International Realty.

It will be offered live online on November 15 with no reserve - meaning it will go to the highest bidder, regardless of what they offer. Construction tycoon Robert Pereira said: "I built this home with not only world-class finishes but also to last generations.“At every stage of construction, no expense was spared to achieve the finest in design, structure and craftsmanship.“Anything that was delivered less than perfect was redone or sent back until each surface matched exactly."The property is a piece of structural art that cannot be replicated, which makes it very difficult to value and lends itself well to the Concierge Auctions platform."I'm committed to allowing the bidders to identify its highest value.”
Playa Vista Isle has more than 500ft of water frontage and there are two deepwater docks with room for both a 220ft-plus and 150ft-plus yacht. The entrance to the estate is through a pair of 12ft high 22-karat gold gates. Beyond the gates is a 29ft waterfall and limestone drive. Mayi de la Vega, from ONE Sotheby’s, said: "The thought and attention to detail that has been put into every inch of Playa Vista Isle amaze me every time I see it."The difficulty of replicating this project is one of the many reasons why it's so unique."It's incredibly grand on every scale an absolute must-see for the world's most discerning buyers."