Daniel Tzvetkoff Pays $28million For Mermaid Beach Home - News.com.au

ONE of Australia's most expensive pieces of real estate has been snapped up by a mysterious 25-year-old internet magnate looking for a family home.

It can today be revealed that Daniel Tzvetkoff paid $28million for the mansion, the biggest on ritzy Hedges Ave at Mermaid Beach.

While the under-construction mansion includes plans for a tennis court and a 20-car basement garage, the secretive Mr Tzvetkoff said yesterday: "We're not out there to have the biggest place or anything like that. We bought it to live in and raise a family.

"The property, to me, was about the right time and a good investment for me.

"It was really about timing; finding the right place for the right price."

While Mr Tzvetkoff would not reveal the price he paid, industry speculation is that he has forked out $28 million - payment for the land and partial construction of the house. The previous owner was Tony Smith, who was forced to sell after being caught up in the troubles surrounding finance and tourism group Octaviar (formerly MFS).

Mr Smith said yesterday after the sale was finalised: "I'm looking forward to days without being in panic."

Mr Tzvetkoff last night verified he had taken on the building contract for the Hedges Ave mansion, and hoped it would be completed by November.

"We've continued it (construction) on since we signed the contract 60 days ago," Mr Tzvetkoff said.

Mr Smith, a one-time Sydney Swans ruckman and owner of the BreakFree resort management company, spent $27million over six years buying five blocks on Hedges Ave to build his mega-mansion, which, when completed, is estimated to be worth between $50million and $70million.

Mr Tzvetkoff has one child and is engaged to be married in the next few months. He is of Bulgarian origin but was born in Ipswich and raised in Brisbane.

Mr Tzvetkoff last night told how he had run "hobby" IT businesses from age 13, before starting online payment business Intabill at age 18.

With business partner Salvatore "Sam" Sciacca - a cousin of former federal minister Con Sciacca - Mr Tzvetkoff has built an IT and property business empire.

"We've grown the business slowly over time, it hasn't been an overnight thing," Mr Tzvetkoff said.

Nevertheless, the pair had grown their businesses by "10 to 20per cent every month since 2001", Mr Tzvetkoff said.

"Half of our business comes from land subdivision and the other half is the internet-based business."

Intabill's 4000-plus clients worldwide include online gambling websites, predominantly in Europe. The company has also serviced pornography websites, although it made a "strategic move" to stop this activity four or five years ago, Mr Tzvetkoff said.

He said Intabill's Milton call centre was the only "CIA-level phone system" in Australia, with the ability to search its recorded phone conversations via keywords. news.com.au