Rights sale nets $4m

THE management rights to troubled apartment development Waterford, on the edge of the Bundall racecourse precinct, have sold, apparently for more than $4 million.

The 255-unit project is associated with Richard Matthews, whose construction firm collapsed in February owing more than $6 million.

Long-time Gold Coast developer Larry Matthews, father of Richard and who had his own troubles during the GFC, in August vowed to pay back those who lost money.