A grand Gold Coast estate could be converted into a cannabis cultivation site if a pharmaceutical company with strong ties to the medicinal cannabis sector secures the property at auction.
The unnamed Australian firm, which holds "major interests" in the medicinal cannabis industry, is among several parties expected to bid on the opulent Bellagio La Villa property located in the Gold Coast hinterland.
The Daily Mail reported that the company — whose name has not been disclosed — has already inspected the 49-hectare property and is anticipated to formally compete when the palatial home and its expansive grounds go to auction on February 25, run by Amir Prestige.
Four bidders have so far registered to take part in the auction.
Bellagio La Villa was listed at $49 million in 2022 and features 10 bedrooms, 10 bathrooms, polished marble floors, two contemporary kitchens, a walk-in cool room, a gym, a heated indoor swimming pool with spa and sauna, and a five-car garage.
The estate sits within manicured grounds complete with walkways, water features, and an orchard.
The Amir Prestige website describes the property as a "majestic masterpiece [that] rises elegantly from among meticulously landscaped gardens".
It adds: "Reminiscent of a grand European-inspired estate with expertly manicured hedges and flourishing fountains, a stately driveway and porte cochère ensure you arrive in style, every time."