The Sheraton Grand Mirage Hotel on the Gold Coast, built by the late notorious fugitive developer Christopher Skase, has been listed for sale at a whopping $200 million price tag.
The hotel, built in 1987, is located on the Southport Spit and has 295 rooms on a sprawling 3.45-hectare beachfront site.
The property has been listed for sale by Colliers and has previously failed to sell twice in recent years.
The hotel was once a celebrity hotspot, attracting guests such as Prince Charles, George Clooney, and Sting, but has since been overshadowed by the neighbouring Palazzo Versace.
Skase built the hotel for $100 million, which was one of two “Mirage” hotels, with another built in Port Douglas.
The hotel was designed with Skase’s specific vision and futuristic designs, including lavish landscaping and decadent bars and restaurants.
The hotel’s famous nightclub Rolls, which closed in the late 1980s, was even home to a full-sized vintage Rolls Royce which acted as part of the furniture.
After the collapse of his $1.5 billion Quintex group, Skase fled Australia, leaving behind a string of devastated shareholders and accusations of smuggling out a large fortune.
Skase died in Spain in 2001 at the age of 53 due to stomach cancer.
The hotel was eventually bought by Indian-based Pearl Australasia for $62.5 million in 2009 and underwent an extensive refurbishment before being taken over by Star Entertainment Group.
However, the building was found unsuitable to hold casino licences in Queensland, and in December, Star Entertainment Group was fined $100 million by the state government and given a year to “get their house in order” or face a 90-day licence suspension.
Despite the hotel’s age, the $200 million price tag has raised eyebrows in real estate circles, but the prospect of major works surrounding the hotel could add to its appeal.
The Southport Spit is to be the site of extensive development over the next few years, with over $1.5 billion in projects currently in the pipeline, including the $300 million Mantaray Marina.
Billionaire Con Makris has also flagged a multi-million dollar plan to overhaul the Marina Mirage shopping precinct.
The hotel comes with a five-year tenancy contract with Marriott Hotels, and according to the market listing, the likelihood of anyone assembling a 3.45-hectare beachfront site on the Gold Coast is considered extremely remote in terms of financial cost and the practicalities of dealing with the number of property owners such an amalgamation would require.
The market listing concludes that every astute investor with an interest in prime Australian real estate should consider this investment opportunity.
»Historic Sheraton Grand Mirage Hotel, Once a Hangout for Royals and Movie Stars, Goes Up for Sale«
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