The man proposing to build the tallest tower in Southport just can’t quit Millionaire’s Row

THE man proposing to build the tallest tower in Southport just can’t quit Millionaire’s Row. He’s just bought back his old mansion.

Exterior of 17 Hedges Avenue, Mermaid Beach. Photo by Richard Gosling

DEVELOPER Robert Badalotti, who belted to the tune of millions of dollars on the Mermaid Beach oceanfront, hasn’t lost his ardour for the Hedges Ave investment.

Robert, the fellow who is proposing a 104-storey tower on Southport’s Ferry Rd, has seen the glamour home he sold at a $5.75 million loss during the global financial crisis return to the family fold.

The buyback has cost at least $850,000 more than the $3.25 million that records show Robert was paid by trade-dollars identity Barry Lipscombe’s Contrabart Members Properties in 2011.

Australian Capital Funds Management, ultimately controlled by a company of which Robert is the sole director and wife Maria the sole shareholder, has paid $4.1 million this time around, a price which Queensland government records show as “rebated”.

That term apparently means the true price once any other considerations are taken into account — in this case it is believed there was a cash rebate for early settlement of the purchase.

Robert and Barry have had other dealings.

Robert Badalotti has bought back his old mansion.

The Hedges Ave property was advertised for rent, via a Badalotti entity, during its ownership by Contrabart Members Properties, and that also has occurred since it returned to Badalotti control.

Since the Badalotti repurchase, company Barlip Investments, which was set up last year and was owned by Barry Lipscombe, has moved into Badalotti ownership.

Robert’s $9 million purchase of the four-bedroom, four-bathroom Hedges Ave home in 2007 was made from former V8 Supercar supremo Tony Cochrane.

The sale registered to the Contrabart entity in 2011 came at a time when Robert was under a little financial stress.

Receivers had moved on the unsold stock in a Badalotti apartment project at Hope Island, Azurra Greens.

The repurchase of the beachfront house, along with other activities, indicates the stress in the Badalotti camp has faded away.

Those activities include a proposal for three towers, one of 104 storeys, on the site of Ferry Rd shopping centre Mercato, formerly Ferry Inn.

Robert bought the Ferry Inn for $11.5 million in 2006 and spent $1.895 million snaring two adjoining holdings.

Last year the three properties were transferred, for $3.6 million, into a company controlled by wife Maria.

Robert’s also in the throes of planning a major retail project at Byron Bay, where he has owned the South Byron Plaza for several years and has bought the adjoining Woolworths site for $18 million.

The 58-year-old developer, after moving from Melbourne, was at one point building luxury-spec homes in the Surfers Waters estate in Southport.

He has gone on to build apartment towers, has been landlord to a couple of banks, and has included the southern end of the Gold Coast in his development focus.

Originally published as The man proposing to build the tallest tower in Southport just can’t quit Millionaire’s Row