The palatial Balgownie mansion of flamboyant Wollongong businessman Vito Pennimpede has failed to find a buyer after several months on the market.
But that hasn't meant the trophy home is getting another price reduction.
'Villa Carla' was initially listed with a price guide of between $9 million and $10 million.
The home was most recently listed for sale in January, after several previous attempts in years past to sell the home with different agents.
In March, the current selling agent, James Hall from Ken Jacobs, Christie's International Real Estate said the home had a revised price guide of $8.5 million.
"We've had some interest, and what we originally quoted was when the market was more buoyant last year, so we've tried to adjust, correct and generate more interest," he said at the time.
However, the property is now listed with a guide of $8.5 million to $9.35 million.
Mr Hall was tight-lipped when asked by the Mercury this week about the buyer interest in the home.
CoreLogic records show the home has currently been on the market for 228 days.
Mr Pennimpede purchased the property in 2006 for $3.24 million.
Features of the home include a floodlit tennis court; marble flooring and soaring double height ceilings with Hollywood-style crystal lighting; large formal lounge with a fireplace and a home cinema.
Outside the property is just as spectacular with a floodlit tennis court, pool and poolside cabana with outdoor kitchen, barbecue and pizza oven. There's also a six-car garage.
Meanwhile, another substantial luxury home in Mount Keira remains for sale via Expressions of Interest.
Its price guide of $5.5 million to $6 million is unchanged, after 102 days on the market.
Selling agent Mr Hall said the home had been "well-received" and there was ongoing interest from buyers, but declined to comment otherwise when contacted by the Mercury.
The Mount Keira home features 1135 square metres of internal living, on a north-east facing 4397 square metres.
The home boasts mountain, district, national park and ocean views.
Arranged over four levels with a lift, there's also a floodlit tennis court, outdoor pool with cabana and swim-up bar, and a 25-metre indoor pool.
There's also a separate formal lounge and dining, expansive casual living and dining area, rumpus/games area with bar and cold room.
There are five large bedrooms, optional office or sixth bedroom, two bedrooms with ensuite, and a palatial master suite.
However, there have been high-end Illawarra homes that have recently sold within a short period.
For example, earlier this year the sale of a luxury Woonona property shattered the residential sale price record for the suburb by $2 million.
The home at 60 Beach Drive, Woonona sold for $6.2 million.
CoreLogic records show the home sold after 17 days on the market.
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Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
