Gold Coast Mayor Tom Tate sells luxury Carrara home

GOLD Coast Mayor Tom Tate and wife Ruth have sold their lavish Carrara home, making almost $2 million in two years.

The couple’s resort-style property at 23 Maryland Ave traded for $5.8 million after hitting the market in December.

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Inside the luxury home.

The Tates paid $3.825 million for it in April, 2021 and were initially seeking offers over $7 million when they put it up for sale 18 months later.

Property records reveal it sold in March before settling last week.

Maryland Ave is one of the most expensive streets in Carrara with one property trading at $20 million last year.

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The house and guesthouse sits on a huge 6139 sqm block.

Russell Rollington, of First National Surfers Paradise, marketed the Tates’ property and described it as “one of the Gold Coast’s most significant estates”.

“An icon of architectural artistry, this resort style quality built single level sanctuary offers the ultimate in timeless, elegant and luxury living, showcasing bespoke finishes and utilising the very best materials available with attention to detail,” the listing states.

The four-bedroom residence has a 12-seat dining room, wine room, his and her offices and eight-car garaging.

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There is plenty of space to relax and unwind.

The house is on a 6139 sqm block and includes a 25m pool, spa, bar, tennis court, and golfing green.

There is also a separate guesthouse with a bedroom, bathroom, two living areas and kitchen.

The couple is no stranger to buying and selling Gold Coast property — it is the sixth home they have sold since 2020.

Four of them were at Paradise Waters while the fifth was a mansion in Sorrento.

According to the latest PropTrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent.

The cumulative increase in 2023 is now 0.75 per cent.

Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.

Article source: Queensland Property Investor