Therese Rein sells Noosa cottage to Gina Rinehart, makes $3 million in six months

Wealthy businesswoman Therese Rein, wife of former Labor prime minister Kevin Rudd, and Gina Rinehart come from different ends of the political spectrum, but have found common ground over an almost $10 million cottage on Queensland’s Sunshine Beach.

The “classic beach cottage” was advertised for sale last year and purchased by an investment company ultimately owned by Rein for $6.75 million, only to be resold six months later for $9.75 million.

The sale delivered the self-made businesswoman a capital gain of $3 million during her brief ownership, equating to $500,000 for each month that she owned it.

The recent off-market sale of the two-bedroom house on Sunshine Beach was lodged in the name of Rinehart’s Hancock Prospecting subsidiary, BV Investments.

Rinehart has become one of Sunshine Beach’s most appreciative buyers since last year, when she reportedly bought a $34 million house from the Charlton family.

That record-setting sale is yet to be confirmed by settlement, but meanwhile Rinehart’s BV Investments company has clocked up a total of more than $42 million worth of Sunshine Beach real estate this year.

In February, the corporate entity bought a 530-square-metre patch of beachfront land up the road for $11.02 million, just 18 months after the same grassy knoll traded for $7.05 million.

And a house ready for renovation on a prized double beachfront block was purchased for $21.5 million from veteran backpacker hostel proprietor Errol Rumpf, just a stone’s throw down the beach from Rudd and Rein’s own $17 million beachfront home.

This year’s highest Sunshine Beach sale price is $28.5 million for a newly built beachfront house purchased by Karen Greer, wife of Wilson Asset Management founder Geoff Wilson.

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