Final piece of the late Brian Ray's Port Douglas dream for sale

Final piece of the late Brian Ray's Port Douglas dream for sale
Final piece of the late Brian Ray's Port Douglas dream for sale

A 2.6-hectare block of land in Port Douglas that was due to be developed by the late Gold Coast property developer Brian Ray has been listed for sale.

The land, which is approved for the construction of 23 strata-titled villas or homes, was to form the third and final stage of Ray’s upmarket Niramaya Resort (formerly called Bale resort).

It includes a central lake, utilities, landscaping and roads and is being marketed by Port Douglas agent Tony McGrath from Tony McGrath Real Estate.

The marketing material notes its listing was to finalise Bale Resorts Ltd holdings in Port Douglas.

Niramaya Resort  was developed by MFS Bale, a joint venture partnership of Brian Ray’s Ray Group and Queensland property and financial services business MFS (later re-named Octaviar).

MFS collapsed in January 2008 owing creditors $2.8 billion.

Brian Ray and his wife, Kathy, died when their plane crashed during a snow storm about five kilometres from the Mount Hotham airport in July 2005.

At the time of his death he was worth a reported $130 million and counted Kerry Packer, Gerry Harvey and John Singleton among his friends.

His most well-known development was the $1 billion Salt Village resort on the north coast of NSW developed in partnership with Octaviar.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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