Billionaires reach for wallets in Resort war
Two billionaires, in what could be termed a race to the wallet, have gone head-to-head on the Gold Coast beachfront. They’re property heavyweight Bob Ell and hospitality industry owner and Computershare co-founder Chris Morris.
Their “contest” has been over apartments in a boutique building at Main Beach, a legacy of a Japanese businessman’s 1990s creation of an exclusive address for celebrities.
Neither Bob nor Chris could be put in the celebrity class and they each appear to have different motives for targeting the Ocean Resort.
One-time carpenter Bob, easily a multi-billionaire in assets terms, bought two of the building’s six titles two years ago and is believed to control a third.
He’s clearly attracted to the redevelopment potential of Ocean Resort’s 1113sq m site on the corner of Main Beach Pde and Breaker St, land that comes with a 30m beach frontage.
A little over three months ago the 15-year owners of the penthouse, former pharmacy chain owner Richard Malouf and wife AnneMarie, decided to sell.
The move opened the door for Bob to take control of a fourth apartment and also to have control of the building’s body corporate – a key step toward deciding the building’s future.
The Malouf property was set for auction but never made it.
It’s believed Bob offered almost $9m in the lead-up but was pipped by Chris with a successful $9.1m tilt.
Round two has involved a groundfloor apartment and this time the property has been marketed via expressions of interest.
Bob apparently again has been a strong contender but has missed out to Chris, who has paid $5.3m.
It’s believed Chris’ motive might be to protect his views should the Ocean Resort one day be demolished to make way for a much larger building.
Chris, who has a penthouse in one of the Xanadu buildings on Main Beach Pde, is spending $19m on two floors in the beachfront Amani tower, which is under way on the southern side of Ocean Resort.
Bob, like Chris, doesn’t need to call Ocean Resort home.
The Leda group founder has a sprawling main residence fronting a river inlet at Budds Beach.
He and wife Bridget and their children have an oceanfront pad in Mermaid Beach’s Multi-Millionaires’ Row that, before renovations, cost $22.5m.
One-time tomato picker Chris, 76, laid the foundations for his property and hospitality interests via the success of Computershare.
He practises his belief that passion is the pathway to success and owns hotels, including the Portsea in Victoria, along with tourism interests in Far North Queensland and a craft brewery.
Last year he spent $13.8m buying Beechmont retreat the Hazelwood Estate, which has a polo field.
Bob and his Leda group have operated in all spheres of the property game, including developing shopping centres.
His biggest assets are the Cobaki estate on the hills at the Gold Coast and Kings Forest in northern NSW.
They are approved for more than 10,000 lots.