a day ago
Mayor makes huge profit on property sale
Gold Coast mayor Tom Tate and his wife Ruth have sold their luxury Surfers Paradise home for $5.4m, making themselves a tidy $1.15m profit in less than two years.
It is the latest deal in the high-profile couple's multimillion dollar real estate portfolio which has seen them bank more than $25m from luxury property sales since 2020.
The sale, which recently settled, was handled by Russell and Bob Rollington of Surfers Paradise First National, who declined to comment when contacted by this publication.
Property records reveal the Tates bought the home at 17 Seafarer Court, Paradise Waters for $4.25m in 2023.
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The property was listed with a $6m price tag in November, 2024, before officially selling in March.
'East to wide water just off the main channel and offering breathtaking Surfers Paradise and Main Beach city skyline views, this extraordinary four-bedroom family home exudes quality and luxury,' the listing states.
'Effortlessly fusing elegant surrounds with easy living and entertaining, this architecturally designed residence is the epitome of an entertainers dream offering an ideal layout for a large extended family.'
Photos show minor cosmetic works however no major renovations or improvements were made to the house during their ownership.
It was the 10th property the Tates had sold in the suburb over the past 30 years.
The couple's recent Gold Coast sales include 36 Buccaneer Court, Paradise Waters, which sold for $3.675m in 2021, and 23 Maryland Ave, which traded for $5.8m in 2023.
PropTrack data shows the median house price in Surfers Paradise is $4m, up 33.3 per cent.
