Gold Coast Sheraton Mirage: Laundy family buys iconic hotel built by Christopher Skase

Sydney wealthy Arthur Laundy and Theo Karides have endured a frenzied bidding war to acquire the iconic Sheraton Mirage on the Gold Coast.

Three months after the sprawling beachfront hotel went on the market, the silver-plated family consortium – which jointly owns Sofitel Noosa and Crowne Plaza in Terrigal – withstood a challenge from the US-based Outrigger group to secure the sale for a reported $190 million.

It is understood that the Laundys, led by scion Arthur and sons Stuart and Craig, are currently conducting due diligence on the property with a view to control in about 12 weeks.

Brothers Craig and Stu Laundy are part of a powerful consortium that negotiated for the hotel

Sources close to the negotiations say the family will seek to restore the famed hotel to its former glory, which peaked in the decadent 1980s and 1990s when it was considered the crown jewel of Gold Coast holiday resorts.

Situated on 3.45 acres with 300 feet of absolute beachfront on Main Beach, the 295-room hotel was built in 1986 by the late developer Christopher Skase prior to the collapse of his empire and his subsequent death from cancer.

The beautiful property was designed by renowned architect Desmond Brooks, who also designed the adjacent Palazzo Versace.

“The Laundys are excited… they see it as an opportunity to restore some of the incredible glamor the hotel is known for,” an insider told the Daily Mail Australia.

Pixie and Christopher Skase at the height of their wealth in the 1980s.

“The Mirage is an Australian icon and this sale marks the start of a fantastic new era.”

While the sale has yet to be officially finalized, it is believed plans are already underway to renovate some aspects of the site, including improvements to the beachfront bungalow-style apartments.

A luxury pool bar is also expected to be added, with cabanas – such as those at Sydney’s Ivy Pool Bar – in the pipeline.

It is believed that the current Marriott Hotels management chain will eventually be replaced by Sofitel.

The resort was sold by an international joint venture led by gaming company Star Entertainment, which put the hotel on the market in March with a price tag of $200 million.

The Sheraton Mirage’s famous marble mezzanine, which overlooks the pool and offers ocean views.

Family patriarch Arthur Laundy (back center) with family at his recent 80th birthday.

It was acquired by Star in 2017 as a joint venture with its Hong Kong-based partners in the $3.6 billion Queen’s Wharf development in Brisbane.

Skase built the Mirage for $100 million but, after a famously hedonistic first few years, eventually turned it over to receivers and it was finally 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 Qintex 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.

Skase built the Mirage for $100 million, but eventually turned it over to curators after a famously hedonistic first few years.

Peter Allen was a frequent guest at the hotel with his mother Marion and was a favorite of the staff

At its peak, the Sheraton Mirage was a magnet for the international jet set and a favorite of some of Australia’s best-known celebrities, including Peter Allen who rented a bungalow at the hotel on an annual basis.

Michael Caine, Joan Collins and Prince Charles were also frequent guests.

The latest resort sale tops an impressive portfolio for the Laundys, who now own some of the best beachfront hotels and pubs in the country, including Sofitel Noosa, Crowne Plaza Terrigal, the Manly Pacific Hotel, Watson’s Bay Hotel, Woolwich Pier, Northies at Cronulla, the Bells Hotel in Wolloomooloo and the Woolloomooloo Bay Hotel.