Sydney - The 25-year-old son of Bulgarian immigrants has snapped up one of the most expensive properties in Australia.

Internet entrepreneur Daniel Tzvetkoff paid 28 million Australian dollars (26 million US dollars) for an uncompleted beachfront mansion on Queensland's Gold Coast, The Sydney Morning Herald reported Tuesday.

It will have an estimated value of up to 70 million dollars when completed.

"We're not out there to have the biggest place or anything like that," Tzvetkoff told the paper. "We bought it to live in and raise a family."

The property was sold by a local businessman who lost his fortune on the stock market. (dpa)