Clive Palmer is buying out the neighbours
Queensland's richest man Clive Palmer is spending millions buying out his neighbours, with one of them banking $2.1 million in profit, others knocking him back and another agreeing to sell for $5 million in the most recent deal.
Neighbours at Fig Tree Pocket have been left wondering what the former politician has planned for their secluded riverfront suburb, with his most recent deal seeing him hand over $5 million to secure a massive 12,100sq m block.
Fellow Queensland richlister and neighbour Bevan Slattery is understood to have already knocked back approaches to sell his home to Palmer. Mr Slattery had paid $8.25 million for his property in May 2014, which sits between that of Mr Palmer and his son Michael on the riverfront.
Mr Palmer had bought his riverfront home there in 2018 off embattled Linc Energy founder Peter Bond for $7.5 million - a $2 million discount on what Rivergum Retreat had been listed for.
Mr Bond had two properties on the market there, with the second bought by another party for $2.99 million in 2017, which sold for $5 million in March this year to Palmer's firm Closeridge.
Mr Palmer's son Michael had bought the home next door to Mr Slattery on Ningana Street for $5.1 million in July 2018. The site has 1.34ha of land. Mr Palmer's son also owns a neighbouring 3,430sq m property that he'd bought for $1.85 million in January 2016, according to CoreLogic records.
In March this year, Mr Palmer's builders applied for special permission to build one of Brisbane's largest private home jetties on the river by his Rivergum Retreat property.
Coastal Pontoon & Jetty Repairs asked Brisbane City Council for a development permit for "tidal works" at Mr Palmer's Fig Tree Pocket home - with the length of the proposed pontoon (28m) about three times that of the 10m length currently "acceptable" in Brisbane riverfront homes.
His most recent property purchase of Oakworth House in Fig Tree Pocket was listed by Alex Jordan of McGrath Paddington as being "situated on Fig Tree Pocket's most prestigious street" with "a substantial 132-metre-wide frontage".
Mr Jordan declined to comment on the buyer of the property, instead saying that the prestige market in Brisbane was the best it had been in decades.
Mr Palmer restarted his real estate buying spree after winning a $200 million case against Citic over Pilbara royalty payments in November 2017.
Originally published as Clive Palmer buying out the neighbours