GOLD Coast Mayor Tom Tate has offloaded part of his Sorrento property portfolio in a million-dollar deal.
His 837sq m vacant block fetched $1.52 million in an off-market sale through Ray White Prestige agent Jackson Paradise in conjunction with Ray White Benowa agent Carita Lanham.
Mr Paradise said it was a “stunning” block with more than 21m of water frontage.
“It’s a great sale for a block of land,” he said.
It was listed with another agency in October then taken off the market before Mr Paradise and Ms Lanham inked the deal.
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“(The buyers) had asked me to source them a block of land and I’d spoken to Jackson about that particular block,” Ms Lanham said.
“They’re going to be putting a new house on it.”
The block is next to Mr Tate and wife Ruth’s riverfront mansion, which was reportedly built for legendary former mayor Sir Bruce Small in the 1970s.
Property records show the Tate’s paid $3.3 million for the five-bedroom house in 2015 before splashing a further $1.5 million on the neighbouring land almost two years later.
Both properties were briefly listed together as a package deal last year with a $5.9 million price tag before being taken off the market in November 2018.
Mr Tate declined to comment on the land’s sale.