The bricks and mortar of Palazzo Versace on the Gold Coast has been sold for $68.5 million to an unnamed Hong Kong investor.
Sunland confirmed that the glamorous five-star Gold Coast property had been sold subject to Foreign Investment Review Board approval and sanction from the House of Versace.
Sunland managing director Sahba Abedian said the sale wiped out all the debt on Palazzo Versace and left the company with about $40 million in cash. This will allow the company to focus on its other projects, including the redevelopment of Mariners Cove at The Spit and Carrington, its upmarket 47-storey tower in Brisbane.
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