https://www.copyright link/real-est...d-selling-dunk-island-for-20m-20190430-p51isvExclusive
Peter Bond selling Dunk Island for $20mLarry 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.
RelatedPeter Bond faces more chargesMark Ludlow
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.