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Hong Kong Billionaire Snaps up Soul Penthouse For $7 Million

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Just weeks after buying Nathan Tinkler's Patinack Farm on the Gold Coast hinterland for nearly $20 million, Hong Kong billionaire and casino mogul Tony Fung has purchased the high profile penthouse in the Soul development at Surfers Paradise.

Mr Fung's representatives acquired the penthouse at an auction on the weekend after receivers put the property on the market. It was originally purchased in 2006 for an Australian record of $16.85 million, but the buyer failed to settle and the contract was terminated in 2014.

Mr Fung owns Casino Canberra and is currently progressing plans for an $8 billion integrated resort at Yorkeys Knob, north of Cairns.

The starting bid price was $3 million, and the auction saw 20 bids placed before being sold under the hammer to Mr Fung for $7 million. There were approximately 60 people at the auction, about 70 groups toured the apartment at 7001/14 The Esplanade, according to McGrath Surfers Paradise agents John Natoli and James Ledgerwood.

"The competitive bidding seen on the day is a clear sign that confidence is returning to the prestige sector of the Gold Coast real estate market and consistent with activity and offers we are receiving on other luxury properties," Mr Ledgerwood said.

The penthouse, which spans four levels and boasts stunning ocean vistas, was stripped down to a shell and marketed as a one-in-a-lifetime opportunity to purchase a ‘Space in the Sky.’Mr Fung is currently developing designs for the property after the previous fitout was completely gutted by the receivers.

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Article originally posted at: https://theurbandeveloper.com/articles/hong-kong-billionaire-snaps-soul-penthouse-7-million