Billionaire Clive Palmer spends $12 million on Hedges Ave mansion owned by developer John Potter

GOLD Coast billionaire Clive Palmer has splashed the cash again, spending millions on his latest purchase — a mansion on one of the city’s most exclusive streets.

CLIVE Palmer, his billionaire status restored, is heading to the beach — in his case Mermaid Beach’s Millionaires’ Row.

The 64-year-old businessman is buying the 9 Hedges Ave home of developer John Potter for $12 million.

He signed up for the four-level Hamptons-style home last week after a 20-minute inspection and after getting the thumbs up from wife Anna.

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The Hedges Ave mansion.

Four hours later Mr Potter was off to the airport for a holiday in Europe.

He and wife Ali will return to pack their clothes — the $12 million sale to Mr Palmer includes all of the home’s furniture.

Tony Velissariou, of Tony V Real estate, yesterday said he understood the Palmers intended using the Mermaid property as a midweek home when they were on the Gold Coast.

One of the decks.

He said the deal transpired after Mr Palmer rang him about a non-beachfront Mermaid Beach home, one that was not on the market.

“I mentioned the Potter house but he wasn’t interested at first.

“After several phone chats, and without seeing the home in person, he made multiple offers.

“When he was told he would have to spend at least $12 million, he said ‘Well if I’m going to spend that much, I’d better come and look at it’.

The kitchen

“He spent 20 minutes or so in the house.

“He believed it was amazing and Anna really loved it.”

The Palmers live in a Sovereign Islands mansion bought for $9.5 million in 2010.

The Potter house, built in 2006, is on an 809 sqm double block and has a 20-metre beach frontage.

Clive Palmer. (AAP Image/Glenn Hunt)

It has four double bedrooms, all with en suites and the master with a fireplace, and is capped by an observation room with wine fridge and bathroom.

Other features of the house include a temperature-controlled wine cellar that will take 4000 bottles, a 22-metre lap pool, a steam room, an elevator and basement parking for eight cars.

Inside 9 Hedges Ave at Mermaid Beach. Photo: RP Data

Mr Palmer’s Sovereign Islands mansion has six bedrooms, 11 bathrooms, a 22-car basement, a 12-seat theatre and a 12-person lift.

Earlier this year Mr Palmer added two properties to his family’s holdings at Sovereign Islands, where they have invested well in excess of $20 million over the past 12 years.

The beachside deck.

In February Mr Palmer signed up for a $7.4 million home in Brisbane.

He stepped up his property buying after a court order in January that Chinese company Citic must pay him $US350 million in a dispute over iron-ore royalties.

He is expected to get annual royalty cheques from Citic of $250 million or more.

The court ruling saw the compilers of the BRW rich list upgrade Mr Palmer’s estimated worth from $344 million in 2017 to $2.84 billion this year.

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The gym.