124 Commodore Drive, Paradise Waters.
Gold Coast Mayor Tom Tate and wife Ruth have sold the main river mansion they picked up at a bargain price two years ago on one of the city’s elite streets.
The sale of 124 Commodore Drive, Paradise Waters was announced on social media over the weekend.
Further details on the price or the buyer are yet to be revealed.
The two-level residence at 124 Commodore Drive enjoys a wide water position.
The Tates paid $3.55m for the five-bedroom residence on a point position in August 2018.
That price was $550,000 less than the property fetched in 2015 and less than the $4m paid in 2007.
The house, which sits on an 1105sqm site at the end of elite Commodore Drive, was marketed at $5.5 million in 2016.
The Tates first put the holding to market in January for $4.55 million in a move designed to cash in on the $9.4m sale of an adjoining three-lot riverfront site.
RELATED: Top end buyers splash their cash on main river
Tech-savvy southern buyers bypass the border
Life inside a floating island palace
Improvements have been made on the property, pictured here in 2018.
A fresh push was made in early June when the property was marketed as a “rare and unique opportunity to secure this landmark and iconic Paradise Waters north-east facing point position, arguably one of the very finest positions on the Gold Coast”.
Improvements have been made to the house which has an open plan design and a tropical resort-style feel with enviable views of the city skyline.
Commodore Drive is regarded as one of the city’s elite streets.
The north-east facing site boats 50m of wide water frontage with a pool, manicured gardens, and a sandy beach where a jetty and pontoon cater for boat owners.
The Commodore Drive property is the ninth the Tates have owned at Paradise Waters since 2002.
They retain an apartment in one of the Kings Row buildings near the entrance to Commodore Drive.
The sale is the latest in a string of strong deals along main river during the COVID-19 period as buyers at the top end of town show confidence in prestige property.
The post Gold Coast Mayor Tom Tate sells main river mansion appeared first on realestate.com.au.