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MANY people are now opting for smaller homes, but not on the Gold Coast, where one particular area has quite a few highly priced mega mansions for sale.

At the moment the Sovereign Islands, on the northern Gold Coast about 14km from Surfers Paradise, is a focus for those looking at prestige property, with quite a few of its super homes on the market . Mega mansions or super homes are usually on several blocks, with vast living and entertaining areas, and what seems like an endless array of bedrooms and ensuites as well as luxury finishes.

A quick look at the listings in the area on realestate.com.au shows a wide range of properties ranging from about $2 million to a $20m castle that has recently come on the market.

The castle's owner, Ron Litherland, has lived in the European gothic style home at the end of Knightsbridge Parade for about two months, but apparently is ready to move on to a new venture.

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Ray White Paradise Point agent George Bobolas, who is handling the sale of the castle, says that the perception there is a lot on the market is misleading, with only about 10 per cent of Sovereign Islands real estate for sale, which is more or less an average proportion.

The perception comes from the fact that most properties are multi-listed, given by vendors to several agents to sell in a market that has been slow since the global financial crisis, although discount rates and the number of days a property is on the market are now declining.

The entry level price for Sovereign Islands is about $2m to $2.5m, according to agents, but at the moment there do seem to be more big-ticket properties on the market for the usual range of reasons. Some have been built speculatively, some owners have personal reasons for selling, and some just want to move on.

The castle, at 55 Knightsbridge Parade West, has 2427sq m of building area spilling across two blocks with seven bedrooms and 11 bathrooms. It features travertine marble, custom-made mahogany furniture, silk rugs, alpaca wool carpets and fireplaces in Sahara gold granite.

Hand-crafted mahogany mullioned windows and French doors have been used throughout, all double glazed and exterior-clad in copper.

The four-level layout includes two studies, a library, a billiard room, a lounge and a formal dining room on the ground floor opening to a terrace with Broadwater views.

Guest bedrooms and a home theatre occupy the mid level, while the top floor houses family bedrooms including the main suite with twin dressing rooms and ensuite bathrooms.

The rooftop has an entertaining area with views and the basement includes a gymnasium with a sauna, plus garage space for up to 20 cars.

There is a moat-style wet-edge pool on the waterfront.

Litherland, who found success with an internet travel website, built the house to fulfil his dream, but now reportedly wants to live on a big boat.

Another property, Bellagio, built by developers Chris and Michelle Kahler, is a four-level, five-bedroom, seven-bathroom mansion that will be auctioned on February 13 through Ray White.

Marina Quays developer John Fish's seven-bedroom home in Sir Lancelot Close will be auctioned the next day, February 14, through Chris Moyer of The Professionals.

Advertised as a matrimonial settlement, it is set on 2103sq m with 55m of waterfrontage, and has a yoga studio, a meditation and massage room, as well as marble and timber floors and a commercial-grade lift.

The sale last November of Utopia, a six-bedroom luxury home on the Sovereign Mile, for $9m at an auction by the Professionals may have encouraged other vendors to go down the auction route.

Ray White Surfers Paradise also recently held a multi auction called The Event, where more than 125 properties went under the hammer for $20.75m, with another 15 listed properties selling for a total of $20m in the two weeks leading up to the auction.

The $40.75m beats the previous year's result for the same style of auction, where sales totalled $31m.

It seems some owners of more expensive properties are also now opting for auctions, hoping to pin down a buyer in a set time frame.