Clive Palmer’s son and heir has just lost a small fortune flicking a large land bank he took on a decade ago.
Michael Palmer — the only son of Queensland’s richest man Clive — sold a massive block of freehold land in Coolum two weeks ago at a $150,000 loss.
The site has nothing on it but grass, water and a creek on the eastern boundary which flows into the Maroochy River.
Palmer (jnr) He had become the registered owner of the 31.2 hectare site a decade ago which the family had landbanked 8km from Coolum Beach and 120km from Brisbane.
The Palmers had paid $650,000 in 2007 but sold for $500,000 on November 9, according to CoreLogic records.
It took almost two years for the block to sell, having first been listed in February last year before it changed agents in January this year and eventually found a buyer this month.
The site apparently has varied uses with its rural zoning including farming and lifestyle.