QLD resort that rivals a theme park for sale with ‘limited time COVID-19 special price’
THE agent marketing a Gold Coast rural resort that could rival a theme park did not hold back when the sale fell through.
He even put his frustrations in the new listing.
“Just back on the market, after two confirmed and accepted cash unconditional offer failed to eventuate, with one still sitting on the buyer’s solicitor’s table for too long waiting for another director to sign, and another buyer has been shown the door after he tried to renegotiate the mutually agreed price using the COVID as an excuse. More buyers are on their way now with the COVID near the end,” the listing says.
That agent is none other than Peter Huang, the owner of The Kooralbyn and founder of Yong Real Estate.
“Yes, I was frustrated,” he said. “It should have sold.”
Mr Huang said both potential buyers were located in Australia – one from the Gold Coast and one from Sydney.
He said the Sydney buyer tried to renegotiate the price which prompted him to put it back on the market.
“We have already had some strong interest,” he said.
Mr Huang said he listed the sprawling retreat after the outbreak of COVID-19 led countries to shut their borders, effectively shutting down “100 per cent” of the resort’s international tourism trade.
“We have a retail price of $104 million but if the price is right, we are committed to selling,” Mr Huang said, adding that as a real estate agent, running a resort was “not my expertise”.
He is offering to negotiate a “limited time Covid special” for the right sales conditions.
The Kooralbyn resort is located on 327 hectares and includes a 102-room main resort, the 30-room Packer Lodge, named after media mogul Kerry Packer and a pool complex.
There is also a 230-seat restaurant, a 240-seat convention/wedding centre, a tavern, a private airport with a 1.4km runway, a gold course, a mountain bike park, an international school building, a vineyard, a ‘Garden of Eden’, animal feeding, putt-putt, lawn bowls, a tennis centres, a 4WD track, polo/rodeo fields, a camp ground and caravan park.
Curiously, there is also a half-finished snow ski lodge, an unusual addition given Queensland is not exactly known as a winter wonderland.
“Limited time COVID-19 special price, under a cash unconditional term, instead of the retail price list of $104m, because it’s unlikely you will get a loan from any banks now and you should not borrow, like Harry Trigubuff, therefore completely eliminate your risk,” the listing, written by Mr Huang, says.
For those who don’t know, Harry Triguboff was born in China and came to Australia in his teens.
He is the founder of Meriton Group and one of Australia’s richest people. The billionaire is notoriously ‘debt-shy’.