Annie Cannon-Brookes, wife of tech billionaire Mike, is the latest high-profile buyer to take on the far north Queensland’s abandoned tropical island resort of Dunk Island.
It is understood she has paid about $25 million to secure the bragging rights as the new owner of the cyclone-ravaged former tourism trophy asset.
According to parties close to the deal Cannon-Brookes is “assessing plans to develop the island”.
But a spokesperson said, “Annie has purchased the land with the intent to preserve its natural beauty for years to come”.
The acquisition follows two collapsed deals, the most recent by private equity firm Upsense Media Capital, to purchase the island getaway off Mission Beach with a view to resurrecting it.
The island was originally offloaded for $31.5 million in 2019 by former Linc Energy boss Peter Bond and his family, who bought it for about $7.5 million.
But a much-hyped $1.5-billion plan by investment firm Mayfair 101 to rejuvenate the tourism jewel fell in a heap and the island was repossessed a year later after the troubled buyer failed to meet payment terms.
The Cannon-Brookes have a proven penchant for luxury and primely-positioned property.
This out-of-the-blue tropical splurge is the newest addition to a growing portfolio of prized assets—most of which are in and around their hometown of Sydney and have a combined value of more than $300 million.
They include Australia’s most expensive house, the Fairfax family’s former Point Piper estate Fairwater bought in 2018 for $100 million smashing all house price records; model Jennifer Hawkins’ former mansion Casa Paloma at Newport ($24.5 million); Double Bay’s heritage residence Verona ($17 million); sprawling manor Wattle Ridge in the NSW Southern Highlands ($13 million); and a historic sandstone cottage on Scotland Island ($8 million) in Sydney’s Northern Beaches.
Mike Cannon-Brookes is a co-owner in the South Sydney Rabbitohs with Hollywood actor Russell Crowe and businessman James Packer as well as holding a minority share in the NBA’s Utah Jazz basketball team.
The Dunk Island deal was brokered by JLL’s Andrew Langsford and Nick Roche with CBRE’s Tom Gibson.
“This transaction reinforces the appeal of investment in coastal locations and the sentiment that leisure travel across Australia is poised for continued growth,” Langsford said.
Gibson said, “Given the history of this special asset, this is a very significant transaction for both Mission Beach and the greater Queensland tourism market”.
The latest sale of Dunk Island follows a number of island resort deals off the Queensland coast, including on Lizard, Hook and Long islands.
With 147ha of freehold developable land and a Qantas-built airstrip, Dunk Island was an internationally famous 4.5-star resort destination until it was hit by Cyclone Larry in 2006.
It featured 160 guest rooms, a nine-hole golf course, tennis courts, multiple food and beverage outlets and a day spa.
Trading resumed but it was subsequently demolished by Category 5 Cyclone Yasi in February 2011 and acquired in late 2011 by Bond, who tidied it up but kept it for personal use.
The island is one of just a few freehold island assets on the Great Barrier Reef. It also has mainland power connection, perpetual water and extensive utilities infrastructure.
Southern investors have been moving into far north Queensland to snap up beachfront accommodation as domestic travel continues to thrive in the post-Covid climate.
The Eco Village Mission Beach was recently acquired for almost $3 million, the first time it has changed hands since it was developed in 1992.
