Tycoons Look to Sunshine Coast

It’s not often you pay close to $3 million for a property and then destroy it. But that’s exactly what a development tycoon did with a $2.75 million “piece of paradise” in Noosa. Leda Group founder and Executive Chairman Bob Ell pounced on the property, but will demolish it and build a newer house to use as a holiday home. He is just the latest tycoon to take an interest in the Sunshine Coast.

Other property magnates have also snapped up expensive bargains, including Clive Palmer, who bought what was formerly the Hyatt Regency Coolum and turned it into the Palmer Coolum Resort. As for the most recent purchase, works are already underway and Vantage Holdings has been engaged as builder. The purchase and decision to knock down the old property came after Mr Ell and his wife had an exhaustive look around Noosa for a holiday hideaway. We’re guessing no home loan was needed!
Source: http://www.dailytelegraph.com.au/news/national/developer-buys-28-million-noosa-property-and-demolishes-it-for-holiday-home/story-fndo2iwh-1226429427946

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