Mining entrepreneur's scion Michael Palmer buys Fig Tree Pocket riverfront home

Like father like son, Michael Palmer has been busy buying prestige Brisbane property.

The mining entrepreneur's scion has spent $5.1 million on a Fig Tree Pocket riverfront home.

It is just two doors along from his dad, the mining entrepreneur Clive Palmer.

The one hectare property sits across the road from Michael's current west Brisbane acreage which cost $1.85 million in 2016.

The five bedroom home has a 6,000 bottle temperature-controlled wine cellar, gym and sauna and a tennis court and pool.

The property hit the market this time two years ago and initially sought over $7 million.

Earlier this year Clive Palmer spent $7.5 million Rivergum Retreat, the Fig Tree Pocket home of Linc Energy founder Peter Bond who had wanted $12 million when it first went up for sale back in 2016.

Bond had spent $9.5 million in 2008.

The 28 year old Michael's other properties include a couple of houses in Paradise Point, where there are five homes owned by the Palmer clan on the dress circle King Arthurs Court.

Clive owns a $9.5 million waterfront across three lots totalling 2,420 sqm.

This article was first published in the Weekend Australian.