Exclusive Peter Bond selling Dunk Island for $20m Larry SchlesingerReporter
May 1, 2019 — 3.49pm
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Linc Energy founder Peter Bond has kicked off a formal campaign to sell Dunk Island off Mission Beach on the Great Barrier Reef with expectations around $20 million.
The island, which offers 147 hectares of development land and a Qantas-built airstrip, was an internationally famous resort destination until it was ravaged by Cyclone Larry in 2006 and then Cyclone Yasi in 2011.
Dunk Island was a renowned resort destination until it was ravaged by cyclones. Supplied
Mr Bond, a former Rich Lister, bought the island for about $7.5 million in late 2011 from Hideaway Resorts, a subsidiary of private equity firm Pamoja Capital, with plans to repair and reopen the resort.
This was at a time when his personal wealth was soaring towards $450 million in 2013 as Linc Energy headed towards a $1.1 billion valuation.
He was still worth $280 million according to the 2014 BRW Rich List, but disappeared off the Rich List in 2015. A year later Linc Energy was placed in liquidation with debts of $230 million.
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Last year, Linc Energy was fined a record $4.5 million for serious environmental damage caused by an underground coal gasification project and in March Mr Bond was hit with more charges over environmental damage. Related
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Insiders said the family "needed to sell" Dunk Island. A reputed sale to a cryptocurrency consortium last year did not proceed .
The Bond family has spent around $5 million cleaning up Dunk Island and installing a new jetty, but the former resort remains closed and will require a buyer with deep pockets to revive it.
"Whilst we have spent a considerable amount of money already, we recognise that a new owner is best placed to rejuvenate the resort and unlock the island's true potential," said Adam Bond, who manages the family's island investment.
Tom Gibson of JLL Hotels & Hospitality Group is marketing Dunk Island with an expressions of interest campaign closing on June 7.
Mr Gibson said Dunk Island would suit a "Qualia-type" offering, referring to the renowned luxury resort on Hamilton Island.
"The sheer size of Dunk Island and the unique freehold status also opens up some large development opportunities," Mr Gibson said.
A pool on Dunk Island in the aftermath of Cyclone Yasi. Hideaway Resorts
The offering of Dunk Island comes at a time when Northern Queensland tourism is reviving following its recovery from the devastation of yet another natural disaster, Cyclone Debbie in early 2017.
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