The home, on "millionaire’s row" of Hedges Avenue on Mermaid Beach in Queensland is under construction, and is expected to have a value of between $50 million and $70 million upon completion.
Mr Smith acquired five adjoining blocks on the street, over six years. He spent a total of $27 million, and had just started construction of a mega-mansion. The home includes a tennis court, swimming pool, outdoor entertaining areas and 20-car basement garage.
It is reported Mr Smith had an estimated fortune of $103 million this time last year. However since the dip in shares in the MFS Property Group (now known as Octaviar), this is said to have diminished considerably. It’s understood Mr Smith recently sold one of two Sydney apartments he purchased last year, for around $6 million.
Brisbane-based Tzvetkoff made his fortune establishing online payment business Intrabill when he was 18, just 8 years ago. His business partner with Intrabill is Salvatore Sciacca, cousin of former federal minister Con Sciacca, according to reports.