Clive Palmer drops $45 million on Gold Coast beachfront real estate
Queensland’s richest man Clive Palmer has dropped $45 million on beachfront real estate in South East Qld within a matter of days, smashing the city’s property record in the process.
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Queensland’s richest man Clive Palmer has dropped $45 million on beachfront real estate on the Gold Coast within a matter of days, smashing the city’s property record in the process.
The billionaire and former politician splashed $28 million on a huge 1214sq m tropical oasis on Hedges Ave, Mermaid Beach.
He is also understood to be the buyer of another beachfront home on Albatross Ave, Mermaid Beach which traded off-market last week for $16.95 million.
The Hedges Ave property was owned by David Railton Kennedy and was on the market for the first time 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 property on the 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 in Webb Rd, Sunshine Beach sold to Australia’s richest person Gina Rinehart for $34 million.
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The Hedges Ave deal was brokered by Amir Mian of Amir Prestige who declined to comment on the buyer or seller but confirmed the sale on Tuesday.
“It is a very unique property with three north-facing blocks of prime land,” Mr Mian said.
Mr Kennedy purchased one 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.
Described as an “exceptionally rare opportunity”, the property occupies an elevated corner position with a four-bedroom, four-bathroom home constructed from solid concrete with soaring voids and timber panelled ceilings.
Features include expansive beachside decking with an outdoor barbecue kitchen and covered entertaining terrace, as well as a sauna and a large lap pool on the southernmost block.
Inside are multiple living and dining zones with two fireplaces, a media room and office, while all bedrooms have balconies capturing views.
There’s also a self-contained flat with its own entry, kitchen and laundry, and undercover basement parking for up to six cars.
Mr Palmer is no stranger to Queensland property with his huge list of mansions and residential properties spanning the Gold Coast, Brisbane, the Sunshine Coast and the far north.
Among his portfolio is another Hamptons-inspired mansion on Hedges Ave that he paid $12m for in 2018.
Mr Mian said the prestige market was continuing to fire with a shortage of properties on the market.
“The prestigious market is very solid on the Gold Coast with limited supply,” Mr Mian said.
“There is a lot of people moving here for the golden sands and the beachfront market is still something which is very limited.”
Originally published as Clive Palmer drops $45 million on Gold Coast beachfront real estate
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