Under the hammer: Search still on for penthouse buyer

The incredible generosity of a Coast couple donating the proceeds of their penthouse sale to COVID-19 research will take a little longer to achieve.

Keith and Glenda Drake are auctioning their Maroochydore penthouse to raise money for coronavirus research. Photo: John McCutcheon

THE incredible generosity of Sunshine Coast couple Keith and Glenda Drake will take a little longer to achieve after their luxury Maroochydore penthouse to fund COVID-19 research fell short of the reserve at auction this morning.

The bids had been rolling in for the highly-anticipated online auction, in which funds would be donated to the Royal Brisbane and Women’s Hospital Foundation Coronavirus Action Fund, but the best offer of $2 million fell short of the reserve.

Bidding closed this morning with a top bid of $1.84 million, and selling agent Mark Lawler was able to negotiate offers of $2 million from the top bidders — one a Sunshine Coast couple and the other from Sydney.

The penthouse owned by Keith and Glenda Drake in Maroochydore, at Melrose on Fifth.

He’s now taking the sales campaign into the next phase with a price guide of $2.75 million, which is how much Mr and Mrs Drake purchased the property for in 2006.

Mr Lawler said typically only 25 per cent of luxury properties sold under the hammer on the Coast, and the barriers to achieving a sale had been enormous due to COVID-19 restrictions.

“We had everything against us with this sale,” said Mr Lawler.

“The borders were closed, open house inspections were banned until very late in the campaign, we couldn’t hold a live auction and Queenslanders were required to stay close to home.

“Normally we would be fielding inquiry from as far afield as Sydney, Melbourne and New Zealand and it’s a tough call to ask somebody to spend millions on a property sight unseen.”

The principal of R & W Coolum was able to attract two interstate bidders, along with local interest, but said buyers had to see the remarkable penthouse to appreciate its true value.

“Neither Keith and Glenda nor the Foundation, want to see this incredible property, two levels of total luxury with panoramic views of Maroochydore Beach and Mount Coolum go for below its value for the sake of a quick sale,” he said.

Mr Drake says he’s confident the right buyer will come along. Photo: John McCutcheon

Mr Drake was confident the right buyer would be found.

“We could have sold at $2 million but that would have meant a lot less money going to the Foundation and they need every dollar they can get for the important work they are doing,” he said.

“We’ve been lucky in Australia so far but we don’t know what the future looks like now that we are easing some of the restrictions.

“A vaccine could be a while away, so I’m hoping we can find a treatment sooner rather than later which can save lives and help us get back to life as we knew it.”

Mr Drake moved from the penthouse to an acreage property five years ago with Glenda and their 57-year-old son Neville, who is severely disabled with quadriplegia cerebral palsy, requiring around-the-clock care.

The penthouse was earning rental income, but Mr Drake said it was a simple decision to give the sale proceeds to develop treatments for COVID-19.

“I have always done a certain amount of giving when I have seen people in need,” he said. “My own family are all well set-up, though not in an extravagant way and I felt the RBWH Foundation needed the funding.”

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