Margaret Pomeranz has downsized from a $4.5 million beach house in Patong

Margaret Pomeranz has downsized from a $4.5 million beach house in Patong

Holidaying in Queensland has long attracted well-heeled tourists, but the profile of buyers has grown dramatically richer in recent years, even by its own cash-in standards. Recent buyers in the area include mining magnate Gina Rinehart, telecoms entrepreneur Michael Omeros, share traders Geoff Wilson and Therese Rein and former prime minister Kevin Rudd.

A Hamptons-style home sold for $10 million to Larry Kestelman.

Kestelman, who co-founded telephone and Internet company Dodo, which was sold for $230 million in 2013, is usually based in Melbourne, from where he manages the National Basketball League and chairs his LK Property Group.

NBL owner Larry Kestelman bought a Noosa holiday home.

NBL owner Larry Kestelman bought a Noosa holiday home.Credit:Arsineh Houspian

His newly acquired five-bedroom home on Noosa Waters, complete with everything from a pool to a Ralph Lauren chandelier, has been sold to Kestelman’s corporate interests by designer and luxury property developer team Trent and Kristy Giumelli.

Meanwhile, Rinehart’s newfound affection for Noosa has spread to the upper management ranks of her private mining company, Hancock Prospecting.

Hancock general manager of business development Dan Wade, whose home is a $1.6 million house in Perth, has bought a $20 million house on Noosa Waters after a protracted two-year settlement with no funds required.

Gina Rinehart has had a very deep appreciation for Noosa in recent years.

Gina Rinehart has had a very deep appreciation for Noosa in recent years.Credit:Getty

Wade signed his name to the title of the waterfront residence in August 2020 just weeks before he traded it for another waterfront home a few doors down for $10.91 million, again with no credit.

Wade is an avid follower of his boss’s tastes in real estate. His other Queensland property holding is a riverside house in Brisbane’s Hawthorne bought for $9.9 million just two doors down from Rinehart’s Brisbane trophy home.

Rinehart’s desire for the Noosa area is fast becoming the stuff of legend given her $76 million property holdings in nearby Sunshine Beach – including a $34 million house she’s yet to settle on and a $9.75 million cottage she recently bought from Theresa Rein.

Sharman’s legacy

Theater and film director Jim Sharman, whose output includes hits from the 1970s The Rocky Horror Picture Show and Jesus Christ Superstarhas long shared his block of four flats in Randwick with his creative friends and colleagues, but not for much longer given his decision to sell the family heirloom.

The block of four apartments is in its original art deco condition.

The block of four apartments is in its original art deco condition.

An auction was set for October 8 for the pristine art deco building, ending more than 80 years of family ownership since his grandfather, boxing pioneer Jimmy Sharman, bought it.

Jim Sharman and family have owned the block since 1941.

Jim Sharman and family have owned the block since 1941.Credit:Natalie Boog

Records show “Melbourne showman” Sharman paid £5,000 for the block in 1941 when his boxing troupe successfully toured the country before his son, also Jimmy Sharman, took over the family business in 1955.

The pristine condition and abundance of art deco detail probably owes much to the longevity of the Sharman’s ownership, most recently as Jim’s own home, complete with his studio and office at the rear.

Shannan Whitney and Darren Pearce of BresicWhitney have a guide for $6 million.

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