Soul, Surfers Paradise penthouse auction results in $7 million sale to Tony Fung

The penthouse atop the Soul Surfers Paradise tower on the Gold Coast sold for $7 million at McGrath auction this weekend - long after a $16.85 million off the plan deal of 2006 failed to proceed.

It is a four-level penthouse with six bedrooms on the 70th floor of the Cavill Avenue building. 

Set 240 metre above Surfers Paradise beach, the penthouse has 1,040 square metres of space.

Hong Kong billionaire Tony Fung beat out four other bidders, including veteran tourism industry player Frank Picone, to secure the apartment at auction, the Gold Coast Bulletin reported.

The gutted penthouse shell was marketed by John Natoli and James Ledgerwood of McGrath Estate Agents.

The billionaire is planning an $8.15 billion resort and casino at Cairns. The integrated resort at Yorkey's Knob, 13 kilometres north of Cairns in far north Queensland, would be one of the biggest projects in the state if it's given permission by Palaszczuk Labor government. He owns the Canberra Casino.

Last week Tony Fung paid a rumoured $15 million to buy four Gold Coast properties from tycoon Nathan Tinkler's Patinack Farms racing empire.

The Aquis Group chairman bought all four Patinack Farm landholdings in the Gold Coast Hinterland — Wadham Park, Elysian fields, Sarahvale and Benobble — for an undisclosed amount.