Gold Coast mayor Tom Tate’s mansion up for sale
GOLD Coast Mayor Tom Tate, little more than a year after buying a near- riverfront home at Paradise Waters for a 'snip', is cashing in.
Mr Tate and wife Ruth bought the 124 Commodore Drive house for $3.55 million in November, 2018.
It has been put on the market at $4.55 million, a move that comes in the wake of an adjoining three-lot riverfront site selling for a record $9.4 million.
Michael Kollosche, principal of the Kollosche agency, said the sale of the neighbouring land had influenced the Tates' decision to sell their home.
"They feel it provides a good opportunity to sell.
"The bought their property really well and, if it sells, they'll look around to see what's available and weigh up their options."
Mr Kollosche, who is marketing the five-bedroom home with colleague Jay Helprin, said the Tates had improved the property since buying it.
Property figures said at the time of the Tate buy that it was "quite a snip".
The house, which sits on an 1105sqm site at the end of Commodore Drive, was marketed at $5.5 million in 2016.
It is the ninth house the Tates have owned at Paradise Waters since 2002.
They retain an apartment in one of the Kings Row buildings near the entrance to Commodore Drive.
The couple also have been in sales mode, with some success, at Waterview Crescent, Sorrento.
They bought the giant former Bruce 'Kelly' Small manor for $3.3 million in 2015 and bought an adjoining riverfront lot for $1.5 million in 2017.
That move made the Small manor, Freyberg House, the centrepiece of a 5261sqm landholding with a near 80-metre river frontage.
In 2018 the Tates put the total holding on the market, offering it as having the potential to take an eight-lot subdivision.
A buyer failed to emerge and in November the Tates re-sold the adjoining lot for $1.525 million.