Soul penthouse court battle against buyer by Juniper

Soul penthouse court battle against buyer by Juniper
Jonathan ChancellorDecember 7, 2020

A real estate salesman allegedly convinced Brisbane entrepreneur Carmelo Caltabianoa that the Soul, Surfers Paradise luxury penthouse apartment was worth $16.85 million because a similar nearby apartment sold for $20 million.

The buyer believed him but didn't check the salesman's claims, the Brisbane Supreme Court heard this week.

But the $20 million apartment had not sold at that price in the Jade complex.

The discussion is central to the long-awaited legal dispute between entrepreneur Carmelo Caltabiano and development company Juniper Property Holdings over the sale of a Gold Coast penthouse.

Juniper is suing Carmelo Caltabiano for allegedly breaching the sales contract for the four-level apartment.

He said he trusted the company because he had previously purchased property on the Sunshine Coast from Juniper.

Caltabiano was at the Gold Coast having a drink in April 2006 when he saw a display for Soul apartments.

He spoke to the salesman and noticed the penthouse was priced at $16.85 million.

He bought after the salesman phoned him later saying a penthouse apartment in another building had sold for $20 million and another apartment, which was about half the size of his intended purchase, sold for about $7.8 million.

The penthouse atop the Soul Surfers Paradise tower on the Gold Coast sold for $7 million at McGrath auction in March this year to businessman Tony Fung.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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