Billionaire Bob Ell secures Budds Beach weatherboard cottage

The billionaire developer Bob Ell has emerged as the buyer of a near waterfront Surfers Paradise cottage for $1.275 million.

The 23 River Drive property is his latest purchase in the Budds Beach precinct which includes four other properties.

The five Budds Beach properties have cost more than $10 million since 2010 according to the local paper. 

Selling agent Katrina Keegan of Harcourts Coastal marketed the property, one of the last remaining beach shacks in Budds Beach.

It was bought for £50 in 1955. 

It has been distinctive blue ever since a niece of the vendors painted it during her 1980s Schoolies.

The two-bedroom property was one of the first houses built in the area some six decades ago.

Bids opened at $800,000 for the deceased estate, with eight registered bidders seeking the home called Marina.

Agents say the property could rent for up to $2000 a week as a holiday rental or $500 a week as a permanent rental.

However, there is a good chance the house on its 516 sq m lot could be bulldozed.

Nestled on the Nerang River, Budds isn't a suburb, rather a corner of Surfers Paradise. There isn't much to it except the beach, Bumbles Cafe, SuGa SuGa and the Trilogy apartments.

Ell owns the commercial premises adjacent to the cottage having paid $1,525,000 in 2012.