The mining tycoon Clive Palmer has confirmed his purchase of the Sea Temple Golf and Country Club at Port Douglas for about $7 million.
He told The Cairns Post he made the “unconditional” deal last Friday after making an aerial inspection by helicopter on Thursday of 20 properties between Townsville and Cairns.
It is his first investment in the Far North having missed out last year on buying the Sheraton Mirage at Port Douglas, which was sold to developer David Marriner with the support of a Chinese group.
Sea Temple golf resort was sold by the Juniper Group having been on the market for a year.
The deal includes the award-winning 18-hole golf course designed by Thomson, Wolveridge and Perrett, along with a housing estate development with about 45 premium home sites.
He said he had no immediate plans for the golf course and the surrounding residential land.
“I haven’t decided but I am happy for it to continue as a golf course.”
Mr Palmer said he had personally bought the course, not his company which owns three other courses on the Sunshine and Gold coasts including the Hyatt Regency at Coolum. He also bought the Robina Woods and the Colonial golf courses at Robina on the Gold Coast for about $7 million last year.
The CBRE Hotels Queensland director Wayne Bunz said the Sea Temple contract was unconditional with settlement in 30 days.
“He’s paid substantially below replacement value,” Wayne Bunz said.
Mr Bunz said golf courses usually cost $1 million a hole plus the cost of land.
The tourism pioneer John Morris, who developed the course in the late 1990s, told the Post he was “delighted” that Mr Palmer was the new owner.
It is understood others interested in the golf course included Sheraton Mirage owner David Marriner.
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This article first appeared on Property Observer.