The $12 million sale of a beachfront property at Siesta Park on Geographe Bay shows the holiday region remains a prize destination for the conversion of equity fortunes into land.
The $12 million sale of a beachfront property at Siesta Park on Geographe Bay shows the holiday region is a prize destination for the conversion of equity fortunes into land.
Drilling entrepreneur Graham Kluck has emerged as a buyer of the 4000 square metre property which was sold by a company associated with Barry Waller, a property and telecoms entrepreneur who originally hails from Geraldton.
Mr Kluck has been one of the biggest winners from the extraordinary success of lithium play Liontown Resources, with his interests controlling almost 68 million shares worth about $115 million at the end of August last year. That Liontown stake, if still held, would be worth about $185 million at current prices.
Mr Kluck had Northwest Drilling which was sold to Boart Longyear in 2006, ahead of its 2007 IPO. In that transaction he shares a bit of history with Liontown chair Tim Goyder who sold his Kalgoorlie-based drilling contractor Grimwood Davies to Boart Longyear in early 2007.
Sitting between Busselton and Dunsborough, the purchase of five-bedroom, five-bathroom Siesta Park house on Caves Road was finalised in April but the records have only just been updated to reveal the buyer.
The land sits on a rare purple title which means it is part of a 4 hectare property with eight other owners, including mining entrepreneur Bill Beament who is a neighbouring owner and was the other most recent entrant to area, paying $6.5 million for a house to the west of the latest sale.
Hanson Property director Sam Hanson said land in the area rarely changed hands.
"It came as no surprise that we achieved $12 million because it is an extremely sought-after strip of coastline and extremely tightly held," Mr Hanson said.
