The Gold Coast waterfront home of Gary Diamond has sold at mortgagee auction after his Pets Paradise businesses went into receivership in July.
The Paradise Waters property, with 20 metres of water frontage and its own beach, fetched $1.74 million among the 12 sales totalling $9.7 million at today’s Ray White Surfers Paradise auction.
Some 16 residential properties were offered under the hammer in front of 81 registered bidders, reflecting a clearance rate of 75%.
Ray White Prestige Gold Coast agent Robert Graham and Michael Willems sold Diamond's four-bedroom Admiralty Drive mansion.
It had been briefly listed last year and for an extended period in 2009 through the Lucy Cole agency. It had $3.75 million expectations on its initial 2008 listing.
PPB Advisory's David Leigh and Grant Sparks, the receivers, sold the house to recoup some of the estimated $11 million owed to Bank of Queensland.
Diamond bought the 733-square-metre block for $2 million in 2006 before commissioning the house, which was finished two years later.
Ray White Surfers Paradise Group chief Andrew Bell said buyer activity was "continuing to strengthen across the property spectrum and buyers are identifying unrivalled value in Gold Coast property.”
“We are now feeling the effects of this year’s interest rate drops and this is adding to the perception buyers should get into the market.
“This was evidenced today, in what was a very active auction room – competition amongst buyers is certainly on the increase,” Bell said.
RWSP Group will hold its final residential and commercial auction for 2012 on December 13 and its annual two-day auction showcase, The Event, on January 27 and 31 next year.