Peter Dutton's Palm Beach, Gold Coast beachfront investment fails to sell at auction

The Home Affairs Minister Peter Dutton failed to sell his Gold Coast beachfront investment at weekend auction.

The two-storey Palm Beach property sits on a 546 sqm holding, on one of the coast's most exclusive beachfront strips.

The four-bedroom, three-bathroom house went to Sunday auction through Kollosche agent Troy Dowker.

Despite 11 parties registered, the absolute beachfront was passed in at $4,355,000, The Australian reported. 

Real estate agent Troy Dowker of agency Kollosche advised there had been a higher offer made prior to auction.

Its views are north to Burleigh Heads, the city skyline and South Stradbroke beyond.

Its marketing suggested the property is ripe for redevelopment, with the option of renting for up to $1800 a week. 

Dutton paid $2.235 million in 2014.

Dutton and his wife, Kirilly bought back in the hinterland outside of Brisbane earlier this year, around Daybook, the country town in the Moreton Bay hinterland.

They bought back in Dutton's Dickson electorate, securing a 70 hectare subdivision for $2.1 million.

In 2019 Dutton has sold his Canberra apartment in Kingston for $540,000.