Palmer puts more property portfolio on block to ease strain
THE great property liquidation by embattled mining magnate-turned politician Clive Palmer is well under way.
The former Brisbane headquarters of the collapsed Queensland Nickel was finally sold this week, with Mr Palmer likely to receive more than $20 million from the sale.
The funds are expected to help pay down a high interest loan linked to the site.
The sale of the 11-storey Mineralogy House comes on the heels of a string of property sales in recent months, including the luxurious Gold Coast Palazzo Versace penthouse to management rights executive Frank Picone for more than $5m earlier this year.
While corporate advisers say Palmer’s next move is hard to guess, and his finances remain under pressure after last year’s collapse of Queensland Nickel, the mercurial magnate has turned to the property holdings built up during more prosperous times for liquidity.
Last year, he sold another Gold Coast waterfront mansion for $1.75m. Palmer’s son Michael this month also reportedly sold a Sovereign Islands home for $1.55m.
Also on the market is the Avica wedding resort at Merrimac on the Gold Coast and the adjacent Palmer golf course with its vast Queenslander-inspired colonial clubhouse. Sold as a package, they could deliver a windfall of at least $15m for the businessman but potentially much more if his plans for a mini-city are approved.
Other resort assets in Queensland and offshore – including a mothballed hotel in Tahiti – are expected to hit the market in coming months.