Flamboyant Wollongong businessman Vito Pennimpede’s Balgownie ‘Villa Carla’ remains on market after year

A year after being re-listed, the palatial Balgownie mansion of flamboyant Wollongong businessman Vito Pennimpede remains on the market.

Villa Carla, at 65 Wellington Drive, Balgownie, is one of the Illawarra’s most recognisable and expensive properties, and there have been several attempts to sell it during recent years via different agents.

However, after a stint with a Sydney-based agent, the property returned to the market last October.

Initially the owner had price expectations of $10 million, with the property to be sold fully furnished.

Earlier this year, the trophy home had a price guide of $7.5 million. It’s currently listed online under “offers invited”.

The current selling agent, Adele Harb from Adele’s Real Estate, declined to comment when contacted by View.

Following previous attempts to sell with other agents, the mansion returned to the market in January 2023 with a Sydney-based agent. At the time, it was listed with a price guide of between $9 million and $10 million.

This was later adjusted to a guide of $8.5 million to $9.35 million.

The property returned to the market last October with Mr Harb as the selling agent.

Mr Pennimpede purchased the property in 2006 for $3.24 million.

Sitting on three acres, the home had a $2 million renovation in 2019.

According to the property’s marketing, it’s zoned with the “potential to subdivide one acre at the front into four duplexes (subject to council approval), unlocking real value”.

Built in the late 1980s and early 1990s, the property was the creation of Valerio and Carla Galli.

The couple spared no expense in sourcing the best materials, including imported Italian tiles — some with 22-carat gold leaf — marble, granite, sandstone and three-metre chandeliers.

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.

According to the Australian Securities & Investments Commission, in July 2021, Mr Pennimpede was disqualified until June 30, 2025 from managing corporations for four years after his involvement in four failed companies.

This article was first published at view.com.au.