Pearls mansion makes $3.9m
A LUXURY Sanctuary Cove
house for which Indian Ponzi scheme operator Pearls snubbed a $4.6 million bid more than two years ago has sold for $3.9 million.
The house was ‘won’ at auction yesterday by a couple already residents in the resort, George Lim and Jennifer Tan.
It was sold under instruction from receivers Vincents, Brisbane, and the net proceeds are expected to be remitted to India, where former Sheraton Mirage owner Pearls reportedly has defrauded millions of people in a $10-billion Ponzi scheme.
Rick Graham, a director of L.J. Hooker Surfers Paradise, yesterday said 12 bidders registered for the auction of the 1019 Edgewater Drive home.
“The bidding opened at $1.7 million and closed at $3.9 million after 17 bids were lodged,” he said.
“Receiver Steve Staatz was present and was very happy with the result, especially as the marketing campaign spanned only three weeks.”
Ken Clarke, who acted for the buyers, said they intended to gut the house and re-make it into an ‘as brand new home’.
“When that’s done it will go back on the market and we expect the waterfront position will appeal to people wanting to moor large boats,” he said.
Mr Lim and Ms Tan in 2008 paid $2.975 million for a 1507 sqm waterfront lot in The Circle, Sanctuary Cove, and built a home on it.
Two years ago they bought an adjoining 2070 sqm site for $3.78 million.