Publican Robert Fraser-Scott's Sovereign Islands mansion sells at less than half price

The Queensland hotelier Robert Fraser-Scott has lost his prestige Sovereign Islands residence, which has been sold under instructions from Ernst & Young for $3,065,000.

Listed through Ray White Surfers Paradise agent Shaun Kaddatz, the trophy property had its own website, www.2KnightsbridgeWest.com.

Last November Fraser-Scott thought he'd sold his mega-mansion, albeit also for less than half what it cost four years earlier.

It had sold under the hammer for $3.5 million last November, but the buyer has since lost the deposit after several extensions to secure finance.

Set on 2,369 square metres, Westley Manor had been bought from builders Rob Smith and wife Susan Chudley-Smith for $7.36 million in April 2007, just before the global financial crisis.

The Knightsbridge Parade West property has six bedrooms, seven bathrooms, a mooring able to take two 18-metre boats and two jet-skis, a 1,500-bottle wine cellar, drive-through underground parking for 12 vehicles and resort-style grounds.

The mansion also features a two-sided wall aquarium between the living and media rooms.

Its latest sale was last month through Ray White Surfers Paradise for $3,065,000, and the contract reportedly became unconditional last week.

The Fraser-Scotts hotel empire has been listed but most yet to be sold.