How the multi-billionaire Sultan of Brunei created a real estate nightmare on the Gold Coast by leaving a $30million block of prime beachfront land untouched for DECADES
- A real estate nightmare has been bubbling away in the Gold Coast for decades
- A prime spot of land has been sitting vacant while the area has been developed
- The multi-billionaire Sultan of Brunei seems to have forgotten about the land
A real estate nightmare has been bubbling away in the Gold Coast after the multi-billionaire Sultan of Brunei let a prime plot of land sit vacant for decades.
Nestled among extravagant high-rise buildings, meters from the beach in Surfers Paradise, is the 7558sqm chunk of land property developers would be desperate to get their hands on.
But the owner, believed to be the Sultan of Brunei, Hassanal Bolkiah, seems to have forgotten about it, news.com.au reported.
Nestled among extravagant high-rise buildings, meters from the beach in Surfers Paradise, is the 7558sqm chunk of land property developers would be desperate to get their hands on
The land was bought for just $15million and has since ballooned to about $30million
The land, which sits between the Esplanade and Surfers Paradise Boulevard, was purchased in 1997 by Dermajaya Properties (Southern Pacific) Sdn Bhd, part of the the Brunei Investment Agency (BIA).
It was bought for just $15million and has since ballooned to about $30million.
Six years ago ownership of the land was transferred to Sejahtera Two (Australia) Pty Ltd.
Surfers Paradise has flourished since the L-shaped land was purchased over two decades ago, with multiple high-rise developments transforming the tourist town into a highly coveted holiday destination.
The Sultan of Brunei, Hassanal Bolkiah (pictured), seems to have forgotten about the empty land in the Gold Coast
The highly sought-after location has been heavily developed – expect the one part of land
Surfers Paradise beach is in high demand with developers thanks to its thriving tourism industry
Gold Coast mayor Tom Tate has been trying to see something happen to the land for years.
In 2012 he attempted to get Sultan Hassanal to donate the land to the city.
‘I think he’s had long enough to do something with it,’ he told The Australian at the time.
‘How about bequeathing it to the council and I’ll dedicate the park in his honour? It’s a win for him. The Sultan has vast holdings around the world so he probably doesn’t even know he owns it.’
Mr Tate more recently told the Gold Coast Bulletin his office would ‘continue to liaise with the Sultan of Brunei with a view to seeing this property best utilised for the benefit of the Gold Coast community’.
Sultan Hassanal’s personal wealth has been estimated at $27.7 billion, he lives in the largest royal residence in the world and boasts an impressive property portfolio.
Public attention has turned to Sultan Hassanal since a brutal new criminal code was introduced in the small country last week.
Laws include death by stoning for gay sex and adultery, and public flogging for abortion.
Since the new laws were announced there have been calls to boycott his hotels, which includes The Dorchester in London and the Beverly Hills Hotel in Los Angeles.