Mick Fanning, pictured in this Instagram post with son Xander catching his first wave, has sold two properties for $6m to allow the creation of the Esprit development.
Surfing legend Mick Fanning has pocketed a small fortune after selling two coastal homes in a package deal that will allow a $130m luxury residential tower to be built.
The three-time world surfing champ sold two Coolangatta investment properties to the holding company for the new Esprit development in a $6m multi-sale.
He had paid $2.59m in total for the two properties, $1.2m for a block of flats at 217 Boundary Street in August 2006 and $1.39m for flats at 219 Boundary Street the year before that – giving him a healthy gain of $3.41m in the 15 to 16 years he’s owned them.
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Mick Fanning had bought 219 Boundary Street for $1.39m in 2005.
The surf champ bought 217 Boundary Street for $1.2m in 2006.
The surf star has also had the properties on rent for most of the period he’s owned the flats too, with CoreLogic showing varying rental prices from $200 to $900 a week across both sites.
His love of Boundary Street is renowned having also held two other blocks of flats on the same street, after buying 211 and 213 Boundary Street in a $3.1m package deal off Tursa Employment & Training Incorporated in 2007.
He bought 211 Boundary Street in a $3.1m package deal with 213 in 2007.
Mr Fanning held on to 213 Boundary Street until February this year when it sold for $2.826m.
He sold the properties separately, flicking 211 for $932,500 in March 2013 but held on to the block of flats at 213 until February this year when he sold them for $2.826m in another multi-sale.
Mr Fanning joined forces with neighbouring owners Rip Curl founder Doug Warbrick, Olympian Samantha Riley, her husband Tim Fydler, and surfer/developer Paul Gedoun to seek material change of use for the properties which would be amalgamated to allow for Esprit to be developed.
Esprit is a tower being developed by S & S projects in Coolangatta.
Mr Warbrick sold his investment property at 11 Ward Street, Coolangatta, for $2.1m to the Esprit development group S&S No 3. He had held it for a dozen years off a $1.45m purchase in 2009.
It’s believed the surfers will be taking out apartments in the new Esprit developments as well.
Gold Coast City Council approval came through in late September, with half the 93 apartments on offer at Esprit selling out in the first weekend of pre-sales.
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