Billionaire developer Bob Ell spends $1.275m on Budds Beach cottage
DEVELOPER Bob Ell has snapped up another Budds Beach property for $1.275 million – his latest purchase rounding out a stellar Budds Beach portfolio.
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BILLIONAIRE developer Bob Ell has snapped up a Surfers Paradise cottage for $1.275 million.
His latest purchase rounds out a stellar Budds Beach portfolio with records showing he also owns four other properties in the sought-after enclave, including a mansion, house and two units.
The five Budds Beach properties have set him back more than $10 million since 2010.
His newest addition, an original two-bedroom blue weatherboard shack on tightly-held River Drive, was bought at auction at the weekend.
It was offered as a deceased estate, the first time it had been on the market since 1955.
Mr Ell, founder and executive chairman of the Leda Holdings development group, was one of 10 registered bidders at the auction of 23 River Drive on Saturday.
Bidding started at $800,000 and the property was eventually called on the market at $1.2 million before it sold for $1.275 million – $75,000 over the reserve.
Harcourts Coastal principal Dane Atherton who auctioned the property said the competition had been serious.
“A lot of the (potential) buyers were going to build a home and some wanted to bank the land and invest,” Mr Atherton said.
“Some of them were also going to try their luck with council and seek approval for villas.”
He said Budds Beach offered the “best of both worlds”.
“You’re right in the centre of the Gold Coast but you’re still tucked away in a nice little village environment,” he said.
“The river is to one side and you’re a hop, skip and a jump to the beach.”
Selling agent Katrina Keegan marketed the property.
Mr Ell did not return calls by the Bulletin yesterday.
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