Ralan's Paradise Resort at Surfers Paradise sold for $43 million to Jerry Schwartz

Hotel mogul Jerry Schwartz has bought the Paradise Resort for $43 million from the abandoned Ralan empire.

It is $32 million less than what the Ralan Group purchased it for in 2015.

Ralan paid $75 million for the hotel and had plans to bulldoze the resort for three towers of Ruby apartments, until they went into administration in August 2019.

Dr Schwartz indicated that a major refurbishment program would be introduced for the 360-room hotel (picture provided by Schwartz Family Company)

“I know that previous owners planned to knock down the resort and redevelop it for apartments, but we believe there is tremendous demand for quality family-friendly resorts, especially in such prime locations as Surfers Paradise,” he added.

The Schwartz Family Company also acquired the Hilton Surfers Paradise for $70 million earlier in the year.