Mayor Tom Tate and wife Ruth have made $1m in a year on a Paradise Waters investment home

Mayor Tom Tate and wife Ruth are among the locals cashing in on the property boom, making a million-dollar profit on a 12-month investment. FULL STORY >>>

Mayor Tom Tate and wife Ruth are among the locals cashing in on the boom, making a million-dollar profit on a 12-month Paradise Waters property investment.

Queensland Government records show Mayor Tom Tate and wife Ruth (pictured) settled on their sale of 36 Buccaneer Ct to Don and Ines Ngo for $3.675m on July 7.

Property records show the Tates had bought the five-bedroom home for $2.7m a year earlier and it had been advertised for rent at $2500 a week.

Mayor Tom Tate and wife Ruth settled on their sale of 36 Buccaneer Ct to Don and Ines Ngo for $3.675m on July 7. Picture Glenn Hampson

The spacious home is on 1037sq m in a prime point position and has its own 49m sandy beach, “breathtaking city skyline views”, a pontoon and boat ramp.

The home features generous open plan living, dining and lounge areas encompassing gourmet kitchen with Miele appliances, plenty of storage and breakfast bar, timber floors, five spacious bedroom suites, four stylish bathrooms, master with lavish ensuite, spa and walk-in robe, indoor/outdoor entertaining, large private pool, Bali hut, lock up boat shed, three secure car spaces and ample grassed waterside areas and sandy beach.

The Tates are long-time owners in the exclusive Surfers Paradise enclave, having owned three properties in Buccaneer Ct as well as homes on Admiralty Dr, Midshipman Ct and Commodore Cres.

The couple signed the contract to sell the Buccaneer Ct property the day after signing up to buy their latest home, a single-level house at Carrara, for $3.825m.

The home, built in 2006, is on a 6139sq m acreage lot and has, as well as manicured gardens and lawns, a 25m pool, full-size tennis court, wine cellar, eight-car garage and a putting green.

Its pool house has a bedroom, two living areas and a kitchen.

Originally published as Mayor Tom Tate and wife Ruth have made $1m in a year on a Paradise Waters investment home