Media heir Ryan Stokes and wife Claire
Media magnate Ryan Stokes has offloaded a double beachfront block at Palm Beach for $23.5 million, pulling the pin on his approved apartment project more than four years after it got the green light.
The SGH (formerly Seven Group) managing director and son of billionaire Kerry Stokes near-tripled his outlay on the 814 sqm Gold Coast site, which was snapped up by Brisbane developer Graya.
Stokes assembled the parcel at 39–41 Jefferson Lane for a total of $8m, picking up No. 41 for $3.375m in 2016 and the tri‑level home at No. 39 for $4.625m in 2021.
39-41 Jefferson Lane, Palm Beach
The trophy site currently hosts two houses with uninterrupted beach views
He lodged plans in June 2021 for Akuna, a nine‑level, 13‑apartment build designed by Brisbane’s Modulus Architecture, which won development approval that November but never broke ground.
Graya co-director Rob Gray said the big-ticket buy-in was in line with the square metre rate of Hedges Ave, Mermaid Beach — known as the Gold Coast’s ‘millionaire’s row’.
He said the price reflected Palm Beach’s rapid pace of gentrification with numerous local DAs imminent.
“Palm Beach is one of the truly great coastal addresses in Australia, and this site is its finest opportunity,” Rob Gray said.
“We’ve spent years building a reputation for design-led development in Brisbane and the Gold Coast, and beachfront is the natural next step.”
Ryan Stokes and Kerry Stokes at a Seven West Media AGM. Picture: Joseph Lam
The company had looked to stake its claim on the sand since 2022, and recently completed Kloud, its first luxury residential tower in Palm Beach with buyers including tennis world champion Ash Barty. Sales across the 23-apartment project totalled $77.6m, with the penthouse snapped up during construction for $9.1m.
Co-director Andrew Gray said full-floor units were planned for the Jefferson Lane site, with each residence oriented to capture uninterrupted views with indoor and outdoor living spaces.
Stokes never broke ground on his approved unit plans
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“We have a very clear criteria for the sites we pursue — landholding quality, coastal position, long‑term value,” Andrew Gray said.
“When we found this site, we knew immediately this was what we had been searching for… we have absolute confidence this location will allow us to deliver the most premium boutique full‑floor beachfront apartments the Gold Coast has seen.”
Graya built its name designing avant-garde homes for cashed-up clients including surfing legend Mick Fanning, LIV golf’s Cameron Smith, and basketballer Aron Baynes.
Graya’s first multiresidential project at Palm Beach was completed in December
Ryan Stokes and wife Claire Campbell own multiple prestige properties, including a $16m estate at Darling Point in Sydney’s eastern suburbs.
The couple has three young children.
Stokes also heads up the family’s private investment company and chairs several boards, including Southern Cross Media Group after Kerry Stokes stepped down from the position this month.
Stokes chairs Southern Cross Media Group. John Feder/The Australian.
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