Weekend Gold Coast Bulletin - Property
Tropical oasis sale smashes record
The city’s beachfront real estate market is making waves
The Gold Coast’s beachfront property market has its crown back with two mega sales in as many weeks. On Wednesday, it was revealed billionaire Clive Palmer dropped more than $45m on two beachfront trophy homes in Mermaid Beach, shattering the city’s property record in the process.
The former politician splashed $28m on a huge 1214sq m tropical oasis featuring a four-bedroom home.
It was the first time the property, owned by David Railton Kennedy, had hit the market in 20 years.
The mega deal is the highest residential sale ever recorded on the Gold Coast, smashing the previous $27m record, paid in 2020, for a riverfront property at 41-45 The Promenade, Isle of Capri.
It is the highest sale in the state this year but shy of the Queensland record, which was set in 2021 when a Sunshine Coast property at Webb Rd, Sunshine Beach, sold to Australia’s richest person, Gina Rinehart, for $34m.
The Hedges Ave deal was brokered by Amir Mian of Amir Prestige.
“It is a very unique property with three north-facing blocks of prime land,” Mr Mian said.
Mr Kennedy purchased the site for $10.15m in 2002 from Alan Thiess, the son of construction and mining pioneer Sir Leslie Thiess.
Six years later, Mr Kennedy bought the neighbouring property for $7.6m, creating one of the largest oceanfront holdings on the beachfront strip, stretching 30m along the sand.
Days before, V8 Supercars legend Paul Weel sold his Mermaid Beach home for a supercharged $16.95m.
It is understood the buyer was also Mr Palmer.
The “landmark” estate, on Albatross Ave, sold in an off-market deal through Kollosche Broadbeach’s Michael Kollosche, Tony Velissariou and Harry Kakavas.
Records reveal that Paul and Emma Weel paid $15.85m for the property in January 2022.
The couple put the estate back on the market in August 2023 before managing to find a buyer this month. The four-bedroom house is on a rare 810sq m double block with 12.4m of beach frontage.