Cronin Island mansion fetches more than $12 million.
THE riverfront Cronin Island mansion that was built for the jailed former CEO of surfwear group Billabong, Matthew Perrin, is under contract for more than $12 million.
The price is the highest achieved for a Gold Coast house since 2017 and comes seven months after billionaire Clive Palmer spent $12 million on a beachfront house at Mermaid Beach.
The buyer is believed to be from offshore and to be a newcomer to the Gold Coast property market.
The house, at 15 Southern Cross Dve, has been home to EMACS Electrical principal Chris Gavan and wife Terry since 2012. The Gavans have more than doubled their money, having paid $6.1 million for it.
The biggest home sale on the Gold Coast in the past 18 months is a $16.5 million deal on the beachfront Mermaid Beach home of former real estate agent David Henderson.