The crown jewel of Christopher Skase’s colorful legacy, once known as a hangout for royalty and movie stars, is up for sale.
The iconic Sheraton Grand Mirage Hotel on the Gold Coast, which was built to unprecedented fanfare in 1987, has hit the market with a $200 million price tag.
The owners, Star Entertainment Group, bought the property in 2017 and have listed it for what is believed to be the third time, with two previous failed sales attempts in recent years.
A first shot of the iconic hotel, which was built with great fanfare in the 1980s and is now for sale for $200 million.
Christopher Skase with his wife Pixie at the height of his breakneck success in the 1980s
The sprawling 3.45ha site, which sits on a prime beachfront site on Southport Spit and has 295 rooms, is being sold by property giant Colliers.
“The likelihood of someone building a 3.45ha waterfront site on the Gold Coast is considered extremely remote in terms of financial cost and the practicalities of dealing with the number of owners such a merger would require,” the listing reads. From the market.
‘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 North Queensland village of Port Douglas.
Created according to Skase’s very specific vision, the hotel would become a historical landmark with its futuristic designs, lavish landscaping, and decadent bars and restaurants.
The main ballroom of the Sheraton Mirage, built to the specific vision of Christopher Skase
Inside the luxurious lobby of the Sheraton Grand Mirage, which has 295 rooms and a prime beachfront location
The hotel’s legendary Rolls nightclub, which closed in the late 1980s, was even home to a full-size vintage Rolls Royce that acted as part of the furnishings.
Prince Charles, George Clooney and Sting are among the celebrity guests who checked in, however the development of neighboring Palazzo Versace in 2000 saw the Mirage eclipsed as a favorite hangout for celebrities.
Skase, who built the Mirage at Four Mile Beach for $100 million, eventually delivered it to recipients and it was eventually purchased by India-based Pearl Australasia for $62.5 million in 2009.
Skase died in 2001 in Spain at the age of 53 from stomach cancer.
He had fled Australia after the collapse of his $1.5 billion Quintex group, and was accused by many of smuggling a vast fortune, making him one of the country’s most wanted fugitives.
The businessman left behind a series of devastated shareholders, having cost them hundreds of millions of dollars.
Meanwhile, the hotel underwent an extensive renovation before it was taken over by Star Entertainment Group, but the building was found to be unsuitable for holding Queensland casino licences.
Prince Charles and the Duchess of Cornwall stayed at the hotel in 2005 during a tour of Queensland.
Multiple pools and fountains fill the grounds of the Sheraton Grand, which also has several bars and restaurants.
One of the stunning condos 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 “get its house in order” or face a 90-day license suspension.
Local development experts say the $200 million price tag for the Group’s Mirage has drawn attention in property circles given the building’s age.
The hotel also comes with a five-year lease with Marriott Hotels.
“It was wonderful in its day, but it’s old and looks like it needs a lot of work,” said a developer who inspected the property.
The famous Marina Mirage shopping and sailing precinct, which will undergo a major refurbishment
However, he noted that the prospect of major works around the hotel could increase its appeal.
Southport Spit will be the site of extensive development over the next few years with over $1.5 billion in projects currently in the pipeline, including the $300 million Mantaray Marina.
Billionaire Con Makris has also flagged a multi-billion dollar plan to redevelop the Marina Mirage shopping precinct.