Tate’s latest $2.7 million purchase
GOLD Coast mayor Tom Tate has continued his passionate property affair with the riverfront suburb of Paradise Waters, buying his 10th home in 22 years.
The latest purchase by Mr Tate and wife Ruth, for $2.7 million, is a 30-year-old house on a point at the end of Buccaneer Crt.
A market source yesterday said the Tates had 'bought very well' - the house last sold 14 years ago at $3.217 million.
The five-bedroom, four-bathroom property is on a 1037 sqm lot with a 49-metre water frontage and a sandy beach.
The buy comes as the Tates reportedly have a buyer in the wings for a house they own on another point position, at the head of the suburb's elite Commodore Drive.
Mr Tate yesterday would not comment on the latest purchase or his love of Paradise Waters, with a council spokesperson describing the Tate property dealings as a personal matter.
The couple's first buy in the suburb was in 1998 and involved a $466,000 property in Neptune Crt, which was sold for $780,000 the following year.
Subsequent purchases have included an apartment in Commodore Drive, which the Tates bought nine years ago and have retained.
The passion for Paradise Waters has long run in the Tate family - Mr Tate's late father, Warwick, owned at least two homes in the suburb.
The mayor's new purchase has been sold by its owner since 2006, Peter Campbell, who paid $3.217 million.
It has been marketed, for 40 weeks, by Bob and Russell Rollington, of First National Surfers Paradise, at offers above $2.995 million.
They yesterday would not comment on the sale or the price.
The Tates bought their Commodore Drive home, which has five bedrooms, three bathrooms, and a cinema, for $3.55 million in August 2018 and went on to undertake renovations.
It sits on an 1105 sqm site and has a 50-metre water frontage just off the Nerang River.
The property was put on the market in January with an asking price of $4.55 million and is described on a property website as 'under offer'.
Mr and Mrs Tate had an interlude from calling Paradise Waters home after buying a riverfront mansion at Sorrento from receivers for $3.3 million in 2015.
The house, built originally for the late Bruce 'Kelly' Small, was sold earlier this year to a Chinese industrialist's family for $4.85 million.