Mining magnate Gina Rinehart is heavily rumoured to have purchased a lavish $34 million beach house in Noosa, one of the largest prices ever forked out for a residential property in Queensland.
The reported move comes as the billionaire looks to offload about $300 million worth of outback cattle stations interstate, with intense bidding from a number of operators for the elite properties.
Contracts still need to be settled on the Sunshine Beach property, but real estate insiders have indicated Rinehart, said to be worth $31 billion, was involved in the purchase on Webb Road, which backs onto the ocean.
According to The Australian, Noosa agent Tom Offermann negotiated the purchase off market.
The luxury mansion at Noosa in Queensland reportedly was sold to billionaire Gina Rinehart for $34 million
The lavish property boasts four bedrooms and is believed to have been snapped up by mining magnate Gina Rinehart
Sitting on over 2000 square metres, the mansion backs onto the ocean and is a ‘forever home’ on the Sunshine Coast
The breathtaking ocean views are in addition to the large area to entertain guests at the Noosa mansion
Previous show-stopping purchases on the Sunshine State include property developer Tony Smith’s $25 million address at Mermaid Beach on the Gold Coast and dual US Open tennis champion Pat Rafter’s $17 million abode at Sunshine Beach in 2020.
Reinhart’s anticipated Queensland purchase, on 2015 square metres, confirms talk Australia’s wealthiest woman is looking to sell the majority of her extensive West Australian cattle portfolio.
In March, close to two million hectares of Rinehart’s Hancock Prospecting was made available to potential buyers.
The agriculture arm of Hancock Prospecting saw 1.876 million hectares across seven properties up for grabs in Western Australia and the Northern Territory.
This would account for about 20 per cent of Hancock Agriculture’s 30-property cattle portfolio, according to sources.
In the Top End, Reinhardt reportedly was willing to sell neighbouring properties Aroona Station and Willeroo Station, which boast a combined carrying capacity of 33,125 hectares.
This was in addition to Riveren Station and Inverway Station, which encompass a combined 726,400 hectares.
In her native Western Australia, Ms Rinehart is happy to offload more than one million hectares of land, at locations including Phoenix Park, Ruby Plains and Nerrima.
The property is affectionately known as ‘Webb House’ and boasts world class ocean views in Noosa on Queensland’s Sunshine Coast
The sprawling mansion sits on over 2000 square metres and is one of the most enviable locations in Queensland real estate
Billionaire Gina Rinehart has reportedly purchased the Noosa mansion, as she looks to offload about $300m worth of outback cattle stations interstate
Even after the proposed multiple sales, Hancock Agriculture will continue to own cattle stations across Queensland, South Australia, NSW and the Northern Territory.
Reinhart also hasn’t ruled out further agricultural expansion among her current operations.
Last month, Australia’s richest woman made a major investment into a medicinal marijuana company.
Rinehart and her mining and agricultural company Hancock Prospecting confirmed they are injecting $15million into Little Green Pharma, a Perth-based marijuana business.