John Fletcher sells Mermaid Beach penthouse at $2 million loss

The former Coles boss John Fletcher and wife Noela have sold their luxury Mermaid Beach penthouse.

It sold at almost a $2 million loss as the Fletchers bought on Hedges Ave in 2007 for $6.7 million, just before the global financial crisis.

It sold last week to a Sydney buyer for $4.8 million through Tolemy Stevens, of Harcourts Coastal, who told the local newspaper, The Gold Coast Bulletin that it was "only 27 per cent away from the peak of the market in 2007.”

With sweeping views of the Coast, the two-level 758sq m four-bedroom skyhome at 701/252 has a rooftop terrace with a 15 metre lap pool and spa.

Mr Fletcher ran the supermarket giant from 2001 to 2007 before it was acquired by Wesfarmers.

He was appointed chairman of ports operator DP World Australia earlier this year.

The block’s neighbouring 701/252 apartment sold in October for $5.4 million through Michael Kollosche, of Kollosche Prestige Agents.

Spanning across 743sq m, vendor Sandy Cowell had it listed for sale at $5.95 million in July.

It had traded at $4,485,000 in 2005.