Gold Coast resort in receivership

The iconic Sheraton Mirage resort on the Gold Coast has been placed in receivership after a lengthy sales campaign failed to unearth a buyer.

The Mirage was placed on the market in the second half of last year by the Raptis Group, which itself collapsed into administration in January this year.

While Raptis Group is back trading after creditors approved a deed of company arrangement, the main lender on the Mirage, St George Bank, has lost patience with the sales process.

Raptis bought the property in 2006 for $82 million and had been hoping to fetch around $100 million in a sale. But according to a report in The Australian, the best offer was around $80 million.

The newspaper reports that Brisbane property developer Don O’Rorke had been willing to pay around $80 million for the property, although several Asian investors also remain interested.

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