Billionaire Bob Ell sells at Noosa

Bob Ell, the billionaire property developer, has sold at Noosa, which is emerging as one of the hottest domestic destination property markets in the ­pandemic, given international travel restraints.

He and wife Bridget sought an ambitious $11.5 million and pocketed $9.625 million through local agent Tom Offermann.

They built the six-bedroom holiday home after they snared the Noosa Parade site in a post-global financial crisis distress sale in 2011 for $2.75 million. The prior owner had paid $4.85 million in 2007. Their construction costs were estimated at $5 million.

The Budds Beach-based father-of-seven, who heads Leda Holdings, retains Addenbrooke in Bellevue Hill as a Sydney bolthole. It was bought from Denis O’Neil for $30 million in 2015.

This article was first published in the Sunday Telegraph.