Former Racing Victoria chairman David Moodie buys Cottonwood

The former Racing Victoria chairman David Moodie and wife Jennifer have bought Cottonwood, the luxury far north Queensland retreat.

Cottonwood at Oak Beach, just south of Port Douglas, had been on the market since 2015, when it had initial overly ambitious $7.95 million hopes through Unique Estates.

The Moodie's paid $3 million for the absolute beachfront 1.9 hectares with a contemporary beach style main residence and a two bedroom guest house.

Set in tropical gardens, the property with swimming pool, tennis court and boatshed, has direct access to the beach.

The home was sold by Ray White's Mark Flinn.

It was sold by former mining executive David Lucas and his wife Jane.

They paid $3.2 million in 2005. The Moodie's recently downsized Sydney bolthole's, selling their Darlinghurst sub-penthouse for $3,985,000 and spending $1.65 million on an apartment a few levels below. 

This article appeared in the Weekend Australian.