Port Douglas’ trophy home sold after $2 million price slash
REAL ESTATE
PORT Douglas’ trophy home – The Edge – has finally been sold to a Sydney buyer after more than $2m was shaved off the asking price.
A report in the Financial Review said it took more than 18 months and was originally on the market for $7.4m.
Situated on the Port Douglas hillside, it was described as a crash-landed UFO. The report said The Edge was sold to Sydney-based buyers at close to its revised asking price and will be used as a holiday home. Selling agent Barbara Wolveridge or Raine & Horne Port Douglas declined to comment.
Designed by architect Charles Wright, The Edge won numerous architecture awards, but found no buyers at $7.4 million.
“Sales of luxury homes in the tropical north Queensland holiday hamlet have been few and far between in recent years with the market yet to fully recover from the hammering it took following the global financial crisis.
“CoreLogic records only one recent sale above $5 million in Port Douglas. That was the December 2015 sale of a five-bedroom retreat on Flagstaff Hill to the Melbourne-based former national president of the Pharmaceutical Society Tony Nunan for $5.1 million.
“Another Port Douglas mansion, Kalimna owned by Just Jeans founders Craig and Connie Kimberley, has reportedly sold after its asking price was reduced from $9 million in late 2013 to $6.5 million. Selling agent Callum Jones of The Pink Company would only confirm the mansion was ‘no longer for sale’,” the report said.
Melbourne property developer Michael Yates is the latest to test the luxury Port Douglas market, listing his West Indies plantation-style five-bedroom waterfront residence on Wharf Street for $8.8 million. He paid $6.5 million for it in 2009.
