Melbourne-based pubs and poker machine baron Bruce Mathieson has taken advantage of the slump in prestige property prices to grab a Gold Coast mansion for $18 million, a massive $15 million below the asking price.
The mansion, on the Gold Coast’s exclusive Mermaid Beach strip, features six-bedrooms, six bathrooms and a 10-car garage.
Mathieson, who already owns one mansion on the Gold Coast, bought the property from Stephen Hill, co-founder of skate and surf-wear company Globe International. Hill bought the property for $20 million in September 2006 and spent $10 million on a major redevelopment.
While the original asking price for the mansion was $33 million, a spokesman for Hill told the Herald Sun that it was a “reasonable result given the current economic environment”.
Mathieson was valued at $1.13 billion by BRW last year, and owns a 25% stake in a hotels and gaming machine business ALH Group with supermarket giant Woolworths.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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