Dunk Island resort sale falls through once again

Words: Chris Herde Producer: Veathika Jain

The bid to find a new owner for one of Queensland’s faded island resort gems has failed for the second time in three years but there may be a new owner waiting in the wings.

The island, located 4km off Mission Beach, was sold in 2020 for about $31m to interests associated with financial entrepreneur James Mawhinney. Dunk Island was destroyed by cyclone Yasi in early 2011 and was later acquired by Linc Energy founder Peter Bond for about $7.5m with plans to repair and reopen the resort.

However, Mr Mawhinney’s Mayfair 101 group ran into a regulatory trouble and its failure to complete the island purchase pushed it back into the hands of the Bond family, who put it back on the market.

At the time Mr Spillane said he was delighted to have the opportunity to bring new life to the “iconic Australian asset”. In July 2021 entertainment and media private equity fund Upsense Media Capital, co-founded by Mark Spillane and RJ Bucaria, announced they would buy Dunk Island for a price believed to be between $20m and $25m.

But the deal fell through, leaving the Bond family holding the freehold island. Family representative Adam Bond confirmed they were in negotiations with another party.

Dunk Island is one of the few freehold islands on the Great Barrier Reef offering significant potential to develop Australia’s next major tourism icon, with power connection, commercial airstrip, perpetual water and utilities infrastructure.

The former Dunk Island Resort operated as a 4.5-star family resort featuring 160 guest rooms, a 9-hole golf course, multiple food and beverage outlets, tennis courts and day spa.