Forrests pay $30m for Olivia Newton-John’s ‘piece of paradise’
Acquisition of Grease star’s Gaia resort, which boasts 22 rooms, a restaurant and day spa, represents Forrests’ first foray into accommodation.
Mining billionaire Andrew Forrest has bought Olivia Newton-John’s Byron Bay wellness retreat, as the Fortescue Metals Group founder continues to grow his portfolio of Australian lifestyle assets.
Dr Forrest and his wife, Nicola, are understood to have paid about $30m for the Gaia Retreat, which was established by Newton-John and her three business partners, Gregg Cave, Ruth Kalnin and Warwick Evans, 16 years ago.
The 8ha resort, which boasts 22 rooms and suites, a restaurant and an extensive day spa, has won an array of global luxury hotel awards in recent years.
The acquisition represents the Forrests’ first foray into accommodation, although the billionaires have been steadily expanding their presence in the lifestyle industry in recent years through their private investment vehicle Tattarang.
The Forrests, who have collected billions of dollars in dividends from Fortescue in the past 12 months, bought Adelaide bootmaker RM Williams last year for about $190m and are planning to redevelop the Ningaloo Lighthouse campground near Exmouth in Western Australia into a luxury eco-resort.
The two also last year opened a restaurant called Cooee at the Old Swan Brewery building, and have been working on plans to overhaul the Indiana Teahouse at Perth’s Cottesloe Beach.
Newton-John described Gaia as a “precious piece of paradise” and wished the Forrests well.
“We are so very thrilled to see how this fresh, exciting and innovative group will carry on our legacy,” said the former actress and singer.
“It has been our very great privilege to share a slice of paradise, and as we pass the baton we wish Twiggy – sorry, Andrew – and Nicola Forrest and the entire team the most precious and exciting journey that lies ahead.”
In a statement, Ms Forrest said that Gaia had built a coveted global reputation in wellness and luxury.
“As custodians of truly unique Australian experiences, we understand and deeply respect the founding vision of Gaia, which has transformed a wellness philosophy into one of Australia’s most celebrated destinations,” she said.
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