A mansion that landed former Billabong head Matthew Perrin in jail has sold for a record price, fetching double what his ex flipped it for at the height of the controversy.

The stunning seven bedroom waterfront property at 15 Southern Cross Drive, Surfers Paradise, has set a record for Cronin Island after selling for a massive $12.45m.

The sale price was double what Mr Perrin's ex-wife Nicole Bricknell sold the home for in January 2012, flicking it for $6.1m three years after he declared bankruptcy.

Ms Bricknell - who owned the mansion - was under pressure from the Commonwealth Bank, which had attempted to seize the mansion to pay for the massive $13.5m in debt Mr Perrin owed the big four financier. Mr Perrin was jailed for eight years

She sold the home to Terry Gavan, a local businessman on the Gold Coast, who waited eight years before landing the mega $12.45m price for the property.

The house sits on some of the most prized real estate on the coast, on a large 1,239sq m block on an island where neighbours include some of the richest people in Australasia.

The property was sold by Ryan Ward and Michael Kollosche of Kollosche - Broadbeach.

They had listed it on realestate.com.au as a "Bayden Goddard masterpiece".

"The vast layout flows over four magnificent light-filled levels accessible by elevator revealing bespoke interiors designed to maximise views and create an effortless indoor/outdoor flow."

Among its charms was a 2000-bottle wine cellar, a 12-car garage, eight bathrooms, a 10m infinity pool and a 12m pontoon with jet ski pontoons as well.

Originally published as Ex Billabong head's controversial mansion sells for record price