Art dealer's Noosa property in mortgagee sale

Art dealer Adrian Slinger’s one hectare beachfront property in Noosa is being sold in a mortgagee in possession sale.

Slinger bought the property, at 71 Seaview Terrace in Sunshine Beach, in 2002 for $4.35 million, according to RP Data.

Prior to that it sold for $680,000 in 1987.

In July it was offered for $8.8 million but failed to sell, leaving the banks in control of the property.

The property borders the Noosa National Park and reportedly neighbours properties owned by Pat Rafter, art dealer Philip Bacon and Oakley Sunglasses baron Steve Perry.

Slinger owns a gallery in Noosa Heads.

He represents Australian painter  David Rankin and stocks art from Charles Blackman, Arthur Merric Bloomfield Boyd, Ray Austin Crooke, Frank George Hodgkinson, Elwyn Augustus (Jack) Lynn, Victor Majzner, Jeffrey T. Makin, Sidney Robert Nolan, John Henry Olsen, John Peart, Clifton Ernest Pugh and Albert Lee Tucker.

The Australian Financial Review reports he was offered more than $15 million for the property in 2007.

It is being sold by agent Tom Offermann who says there are 20 potential buyers listed for the September 27 auction.

“Values have been quite depressed here with a minimum 30% drop in values,” Offermann told The Australian Financial Review.

“However, there is really nothing negative left holding people back from entering the market. Interest rates low and as people look to roll over term deposits, they are looking to get into property instead.”