Iconic hotel Rae's on Watego's is back on the market

SEA changers will have another chance to snap up a slice of Byron luxury after the $20 million sale of Rae’s on Watego’s fell through.

Rae's

SEA changers will have another chance to snap up a slice of Byron luxury after the $20 million sale of Rae's on Watego's fell through.

The iconic property generated huge interest when it sold last October ahead of it's scheduled auction.

However it's now back on the market after the owner, London based buyer William Morris, failed to complete on certain conditions, according to an industry source.

Owner Vincent Rae has returned from Paris to oversee the sale of the property.

He said: “It’s not ideal, however we had much genuine interest in Rae’s at the auction and I’m annoyed about this situation having exchanged a signed contract with guarantees from a reputable international business man who has not delivered.”

The luxury hotel has seven penthouse rooms and has been the holiday playground for Tom Cruise, Kate Winslet, Lenny Kravitz and supermodel Elle Macpherson.

Rae's

It’s also the only commercial property on Watego’s beach and contains DA approval for a new underground car park, cocktail bar and 200sq m entertainment terrace and garden.

The property is listed through Tony Bargwanna of Ray White Commercial Gold Coast and Andrew Jolliffe of Ray White Hotels Australia with offers due by March 20.

Rae's