Ell sells retreat for $20m

BILLIONAIRE Bob Ell has sold his weekend farm retreat at Pimpama for $20.46m.

Mr Ell bought the 63.9ha Creek St property, which sits just off the M1, in 2015 and spent more than $11m revamping it into a state-of-the art farm, with Olympic-level facilities.

Kao Farm has a full equestrian area, fenced horse paddocks, a shortage shed which doubles as a homestead and a caretaker’s cottage.

The property is approved for at least two further homes.

Sales agent Steven King of Colliers said the location and scale of the property attracted significant interest, including 128 inquiries, from investors and developers.

“With a property of this scale, which is very rare for Pimpama these days, many saw it as a future land-banking opportunity in one of Australia’s fastest-growing suburbs,” he said.

In a rare interview in January, Mr Ell told the Bulletin he was selling his weekend retreat to turn his attention to his Kings Forest project on the Tweed.

“We were not using it as much anymore and now Kings Forest is happening, there will be plenty of land down there for a weekend retreat,” he said.

“Things are getting underway down there as we begin the first stage, which will have 360 blocks, and we hope to get it on the market within 12 months.”