Clive Palmer is becoming the prince of Paradise Point on the Gold Coast.
The Brisbane-based mining tycoon now owns seven residential properties – five of which have been picked up very cheaply this year.
His 2012 purchases have cost $5.95 million, ranging between $840,000 and $1.35 million.
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His purchases have been on streets including King Arthurs Court, Queen Guineveres Place and King Charles Drive.
His first canalfront holiday home acquisition on the estate was his priciest, costing $2.3 million in 2007.
Last year he spent $1.75 million on a house sold by Fred Taplin, who headed Gold Coast Galaxy’s tilt at an A-League franchise, which lost out to Palmer’s Gold Coast United. Taplin had wanted $4.5 million in 2009.
His $1.31 million purchase had previously traded at $2 million in 2009.
His recent $840,000 acquisition had last traded at $1.06 million in 2006.
His $1.3 million purchase had last traded in 2007 at $1.4 million.
Another acquisition, which cost $1.15 million, had come with a $1.495 million asking price.
Goldcoast.com.au describes Paradise Point as a “sweet suburb” at the northern end of the Gold Coast, with its size and position helping maintain a village feel.
The suburb lies on the Broadwater and has direct access to the Coomera River and is protected from the ocean by South Stradbroke Island, which lies off the coast.
Goldcoast.com.au suggests Paradise Point was made up mainly of houses, with many older houses being being bought for their land value as land is scarce in the area.
Houses in Paradise Point range from moderately priced to tipping into the millions.
This article first appeared on Property Observer.