Developer Soheil Abedian and his wife Anne have sold their 650-square-metre penthouse in Gold Coast’s prestigious Mermaid Beach in an off-market deal for $18.5 million – more than triple the price they agreed to pay five years ago for the apartment with 360-degree views.

The 44th-level penthouse in the 272 Hedges building, developed by Abedian’s former company Sunland – which co-developed the iconic Q1 tower at nearby Surfers Paradise and which he delisted in 2023 – transacted in February, said agent Harry Kakavas, who marketed the property with colleague Michael Kollosche.