Clive Palmer Sells Gold Coast Mansion For $1.75 Million

Clive Palmer Sells Gold Coast Mansion For $1.75 Million

0 Reads  By: Atreyee Chowdhury

1 cliveClive Palmer, successful businessman and ex-federal MP, has sold a luxurious home on the Gold Coast, reports  

The property was sold off very quickly. The Paradise Point property was listed privately and sold off within a few days.

Properties located at Paradise Point have increased in value by 20.8% over the last five years. The average sale prices have also risen to 22.3%.

The property was bought by Domenic Martino, a director of Palmer’s company Australasian Resources located in West Australia. Martino had earlier worked for Deloitte and was their Chief Executive.

According to CoreLogic, the property was bought by Martino on September 13, and he cleared all dues on the same day.

Martino bought the house for $1.75 million, which isn’t a bad deal, considering Palmer paid the same price when he bought the mansion in 2011. The price of the mansion has gone down from what the previous owner, Fred Taplin, paid in 2007, i.e. a whopping $2.45 million.

The CoreLogic estimated value of the property is in the $2.9 – $3.8 million bracket, as released on on 24th October.

Palmer and Taplin were at loggerheads for the auction bidding of Gold Coast United FC, which Palmer won in 2008. The soccer club was ultimately dissolved in 2012.

The luxurious mansion houses five beautiful bedrooms, a lavish home theatre, a pontoon and six bathrooms.

Mr Palmer also said that he is looking for potential leasers for his corporate property, which is in Brisbane’s Central Business District, on Queen Street.

During an episode in the Federal Court regarding the fall of mining company Queensland Nickel, Palmer said he was also looking to sell his Mineralogy House, which he expected to be valued at around $20 million. The collapse of Queensland Nickel has put Palmer in huge debt and has also unemployed 800 workers.

Palmer has also listed his opulent yacht, Maximus, for $6.3 million and is also looking to sell his block in a golf course. The residential plots are all at least 804 sq. meters or more and face the beautiful golf course in Port Douglas.

They were first auctioned in April this year, and there are still a few plots that haven’t been sold.



 Author: Phillip Schneider


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