Gold Coast property: Paradise Centre developer Eddie Kornhauser’s former unit sells

The former home of one of the Gold Coast’s most famous developers has sold for an astonishing amount of money, while a major Palm Beach land sale has gone bust.

THE former home of one of the Gold Coast’s most famous developers has sold for an astonishing amount of money, while a major Palm Beach land sale has gone bust.

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Veteran developer John Potter. Picture: Regi Varghese

* A PALM Beach site sale which would have seen two investors gain nearly $1 million in profit in three months has ‘busted’.

Property player John Potter and developer Mark Howard’s wife Margaret paid $1.44 million in March for a highway site backing on to Jefferson Lane and re-sold it at auction last month for $2.4 million.

The ‘buyer’, apparently from Melbourne, hasn’t paid the deposit, has disappeared, and the underbidders have been invited to talk turkey.

Eddie Kornhauser at the Paradise centre site at the start of the 80s. Photo: Supplied

* THE Surfers Paradise apartment that Paradise Centre developer the late Eddie Kornhauser called home for 25 years has sold at nearly $1 million above an auction reserve price.

The apartment, overlooking the beach in one of the centre’s three towers, Allunga, changed hands for $1.9 million in 2019, only to fall into the hands of a receiver.

It’s now been auctioned with a $1.1 million reserve but bidding’s raced past that, with the hammer falling at $2.075 million.

Jannie Tay at her home in Oyster Cove.

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* JANNIE Tay, a Singapore woman who 30 years ago embarked on the Oyster Cove estate on 162ha at Hope Island, and her listed The Hour Glass chain have been big-spenders in Melbourne’s Collins St.

A property leased to Louis Vuitton was bought for $68 million in December and a second property, tenanted by Balenciaga, has been snared for a reported $35 million plus.

Jannie in the 1980s opened an outlet for The Hour Glass in Elkhorn Ave, Surfers Paradise.

Originally published as Gold Coast property: Paradise Centre developer Eddie Kornhauser’s former unit sells