Two of the richest Australians buying islands in Queensland

Two of Australia’s richest people are vying for a slice of the Queensland coast with island paradises becoming the new status symbol for the super rich.

West Australian billionaires Andrew “Twiggy” Forrest and Gina Rinehart are vying to get a slice of Queensland’s coast with Mr Forrest buying an island in the Great Barrier Reef and Gina Rinehart with her eyes set on Great Keppel Island resort site.

The two mining magnates are some of Australia’s richest people with The Australian reporting Mr Forrest spent $42 million on Lizard Island, which is around 250km north of Cairns.

Lizard Island on the Great Barrier Reef, about 250km north of Cairns.

Mr Forrest and his wife’s private company, Tattarang confirmed last week they bought out the lease on the island from Hong Kong based company SEA Group.

It is understood CBRE Hotels director Tom Gibson negotiated the deal but he declined to comment.

The SEA Group bought the island in 1997 from the Queensland Government for $16 million with he operator of the island, Delaware North, reportedly to stay on the island.

Andrew ‘Twiggy’ Forrest.

Meanwhile, Ms Rinehart’s Hancock Prospecting is reportedly in negotiations to buy Great Keppel Island resort, off the coast of Yeppoon, for a reported $50 million.

Ms Rinehart said she wants to make the island a ‘showcase’ in time for the 2032 Brisbane Olympic and Paralympic Games.

Great Keppel Island.

It is understood the deal will for the 970.9ha of development approved land on the island, subject to State and Federal government requirements.

Current development approvals for the island include a 250-room beach front hotel, 300 luxury apartments, 285 luxury villas, 9000sq m of retail shops and a 250-berth marina. The airstrip also has approval to be extended from the current 800m.

“ (Ms Rinehart is) excited to bring the best of what she has experienced overseas to Great Keppel Island, and the Hancock group, subject to ­approvals, is excited to be able to share that with Queensland and all Australians,” a statement from Hancock Prospecting read.

Gina Rinehart. Picture: Getty Images

Mr Forrest’s deal still needs approval by the Queensland Government, while Ms Rinehart remains in negotiations to buy the island from Sydney developer Terry Agnew’s Tower Holdings.