Sheraton Grand Mirage hotel on the Gold Coast built by Christopher Skase on the market for $200 million
The crown jewel of Christopher Skase’s colorful legacy, once known as a meeting place for royalty and movie stars, is up for sale.
Built amid unprecedented fanfare in 1987, the iconic Sheraton Grand Mirage Hotel on the Gold Coast has hit the market with a price tag of a staggering $200 million.
Owners Star Entertainment Group purchased the property in 2017 and have listed the property for a third time, having failed two previous attempts to sell in recent years.
An early shot of the iconic hotel – which was built to much fanfare in the 1980s and is now up for sale for $200 million
Christopher Skase with wife Pixie at the height of his 1980s staggering success
The sprawling 3.45-hectare site – which occupies a prime beachfront location on the Southport Spit and has 295 rooms – is being sold by real estate giant Colliers.
“The likelihood that anyone will ever set up a 3.45-acre beachfront property on the Gold Coast is considered extremely slim in terms of the financial cost and the practicalities of dealing with the number of property owners who have to pay for a such amalgamation would be necessary.
“Any astute investor with an interest in prime Australian real estate should consider this investment opportunity.”
Built by Skase in 1987, the hotel was one of two ‘Mirage’ hotels, with another built in the then little-known northern Queensland hamlet of Port Douglas.
Created according to Skase’s very specific vision, the hotel was to become something of a historic landmark with its futuristic designs, lavish landscaping and decadent bars and restaurants.
The main ballroom of the Sheraton Mirage, built according to Christopher Skase’s specific vision
In the lavish foyer of the Sheraton Grand Mirage – with 295 rooms and a prime waterfront location
The hotel’s legendary Rolls nightclub, which closed in the late 1980s, was even home to a large vintage Rolls Royce that acted as part of the furnishings.
Prince Charles, George Clooney and Sting are among the celebrity guests who have checked in, but the development of the neighboring Palazzo Versace in 2000 overshadowed the Mirage as the ultimate celebrity haunt.
Skase, who built the Mirage on Four Mile Beach for $100 million, eventually turned it over to receivers and it was eventually bought by India-based Pearl Australasia for $62.5 million in 2009.
Skase died of stomach cancer in Spain in 2001 at the age of 53.
He had fled Australia after the collapse of his $1.5 billion Quintex group, with many accusing him of smuggling a large fortune – making him one of the country’s most wanted fugitives.
The businessman left behind a string of devastated shareholders that cost them hundreds of millions of dollars.
The hotel, meanwhile, underwent extensive refurbishment before being taken over by Star Entertainment Group – but the building was found to be unsuitable for casino licensing in Queensland.
Prince Charles and the Duchess of Cornwall stayed at the hotel in 2005 while touring Queensland
Multiple pools and fountains fill the grounds of the Sheraton Grand, which also has a number of bars and restaurants
One of the beautiful condominiums, overlooking Main Beach on the Gold Coast
In December, the gambling giant was fined $100 million by the state government and given a year to “put their house in order” or face a 90-day suspension.
Local development insiders say the Group’s $200 million Mirage price tag has raised eyebrows in real estate circles, given the age of the building.
The hotel also has a five-year lease with Marriott Hotels.
“It was a miracle at the time, but she’s old and looks like she needs quite a bit of work,” said a developer who inspected the property.
The famous Marina Mirage shopping and boating area, which is about to undergo a major renovation
However, he noted that the prospect of major works around the hotel could increase its attractiveness.
The Southport Spit will be the site of extensive development in the coming years with more than $1.5 billion in projects currently in the pipeline, including the $300 million Mantaray Marina.
Billionaire Con Makris has also announced a multi-million dollar plan to overhaul the Marina Mirage shopping district.