A man who won an entire unit block has turned his $10 lottery ticket into almost $6m in the bank in four years — and still gets over $1,000 a week in rent.
The Buna Shores building of five stylish apartments in Palm Beach on the southern Gold Coast was the major prize in the RSL Art Union’s first $7m draw, promoted in 2020 as a “life-changing” opportunity, “providing a solid gold income for the rest of your life”.
But it didn’t take a lifetime for the lucky winner to cash out.
The Buna Shores apartment building
Based in Western Australia, the man has sold four units since 2021, totalling $5.67m.
The latest sale of the double-storey penthouse was negotiated by LJ Hooker agent Leanne Frohmuller, who said the listing was popular with buyers wanting a comparatively affordable property near the beach.
It sold for $2.4m after 44 days on the market, and had been previously rented at $2,000 a week.
The three lower-level units were sold in November 2021 for around $1m each, while the winner retains a three-bedroom apartment which was listed to rent at $1,250 a week.
The double-storey penthouse has just sold
It has five bedrooms and three bathrooms
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Three-level penthouse going under the hammer
Ms Frohmuller said the five-bedroom, three-bathroom penthouse offered modern luxury living by the beach, despite a high-rise building in front somewhat obstructing the view.
“This interstate investor needs to liquidate this exquisite property ASAP, so it will be sold,” Ms Frohmuller’s listing stated.
“The spacious layout, luxurious amenities, and prime coastal location of this apartment seems like a dream for anyone chasing an affordable beach home.”
Modern coastal style
Light-filled living spaces
The penthouse had 259 sqm of living space, with a contemporary coastal style accented by feature tiling and natural textures.
High ceilings and expanses of glass allow plenty of light in, while there’s a large balcony for ocean view entertaining
“This striking apartment has the internal space of a house without the burdens of outside property maintenance to ruin your weekends.
“The beach becomes your new backyard. It’s the perfect blend of comfort, convenience and happiness for the whole family.”
Alfresco entertaining
Ms Frohmuller said Palm Beach was still a hot market, with strongest demand for property within walking distance to the beach.
Interstate buyers saw value compared to the southern markets, keeping prices buoyant.
The local apartment market in particular had notched impressive growth, with Palm Beach unit prices up 11.7 per cent over the past 12 months, to a median of $1m.
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