Palmer puts more prop­erty port­fo­lio on block to ease strain

Port Douglas & Mossman Gazette - - NEWS - Ben Wil­mot

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.

Clive Palmer

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