Rachel Fieldhouse

Real Estate

Mining magnate scores dreamy island resort

Mining magnate scores dreamy island resort

The buyer of a luxury Queensland resort on Lizard Island has finally been revealed to be mining magnate Andrew ‘Twiggy’ Forrest.

Sitting in the Great Barrier Reef, the island is made up of three land parcels totalling 2000 hectares of land and lies 250 kilometres off the coast of Cairns.

Image: Delaware North

Forrest and his wife Nicola purchased the land via their private investment property, but have revealed few details about the transaction.

Last week, vendor SEA group confirmed the deal and revealed the final selling price.

“The buyer has agreed to purchase the property located at Lizard Island, Queensland, Australia at an aggregate consideration of $42 million in cash,” the vendor said in a statement to investors.

Image: Delaware North

Delaware North holds the sublease on the island and operates a high-end resort that includes 40 rooms and villas, a restaurant, bar and day spa.

The sale comes after Forrest purchased Olivia Newton-John’s wellness retreat in Byron Bay for a reported $30 million.

Forrest, the former CEO of Fortescue Metals Group, is Australia’s second-richest person and has recently revealed plans to build the world’s largest facility to produce green energy hydrogen.

However, his most recent purchase is subject to approval by the Queensland Government.

Image: Getty Images, Delaware North

Our Partners