Company linked to developer Jim Raptis snares $4.75m Paradise Waters property
A long-running Raptis family love affair with a premier Gold Coast property appears to be imbued with new passion - after a $4.75m sale.
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A long-running Raptis family love affair with premier Paradise Waters address Commodore Drive appears to be imbued with new passion.
A riverfront home adjoining the four-level mansion of new grandparents, developer Jim Raptis and wife Helen, has been snared by a Raptis-linked company.
The 145 Commodore Drive property has been bought for $4.75 million under a deal cemented a year ago.
Seller Vicki Pillion, who has a home along the street, paid $3.175 million for the property 18 years ago.
The home sits on an 812 sqm riverfront site overlooking a wide stretch of the Nerang River and the TSS fields. It has five bedrooms.
That leaves plenty of room for ‘expansion’ should new parents – Raptis son and heir Evan and wife Carla – ever happen to move in and want space for a bigger family.
The property, which has been tenanted at an ask of $2000 a week, has been undergoing some sprucing up over the past week.
It’s been bought through $1 company Solomon Gold Coast Holdings, which has Raptis Group secretary Malcolm Cory as its sole director and shareholder and gives the Raptis HQ as its address.
The Clear Island Waters resident holds the Solomon share non-beneficially – in other words, he is not the true owner.
That ownership scenario is similar to the one that applies to Jim and Helen’s home at 143 Commodore.
It is owned by company Northernson, which has 75-year-old Greek consul Jim as sole director and former Raptis employee and one-time women’s president at the Southport Golf Club Merrilee Lisle as non-beneficial owner of its $1 share.
The Raptis taste for Commodore Drive has been present since at least the 1990s and has involved multiple properties.
That taste appears not to have been soured by a setback in 2011.
A Raptis private company had bought a 3369 sqm holding at the head of Commodore Drive for $1.1 million in 1999.
Eleven years ago Commonwealth Bank receivers took possession of the land at sold it at auction for $6.2 million (it re-sold in 2019 for $9.4 million).
The bank and the Raptis camp ended up in a court stoush that eventually was settled via mediation.
Another Raptis property in Commodore Drive, a double lot with a house on it, was sold as the GFC hit for $5.2 million.
The listed Raptis Group, as distinct from private Raptis entities, had a quick dabble in Commodore Drive in 2003.
It bought a home at one-time owned by Japanese businesswoman Sachiro Niizeki for $2 million, onselling it to a UK woman for $4.25 million 15 months later.
The land on which the Raptis family residence sits was bought from Sunland Group’s Soheil Abedian for $3.175 million in 2002.
A four-level home rose on the 1624 sqm site, complete with library, wine cellar, home theatre, lift, and a basement with a parking turntable.
A move to sell the property was made in 2011, a few months after the CBA sell-off of the Raptis land, but the effort was aborted 18 months later.
No asking price was revealed for what was marketed as ‘the ultimate urban masterpiece’.
The home remains one of the standout homes in Commodore Drive, where the record price for a house was set last year at $9.95 million.
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