Gina Rinehart buy out as part of $76m beach splash

PHOTO: Gina Rinehart. FILE

Australian richlister mining magnate Gina Rinehart has splashed over $76m on four homes in one Qld suburb within the space of a year.

2022 Australian Financial Review rich list

Ms Rinehart made Qld richlist businesswoman Therese Rein a $9.75m offer she couldn’t refuse for a beach house in Park Crescent, Sunshine Beach in March.

Gina Rinehart and Annastacia Palaszczuk at The Courier-Mail Future Brisbane lunch at Royal International Convention Centre in Brisbane, in December last year. Picture: Richard Walker

Ms Rein had paid $6.75m for the property on the beach just six months earlier, in September 2021, but agreed to on-sell it off market after the 44 per cent higher price offered by Ms Rinehart’s company.

Two minutes away from Gina Rinehart’s mega mansion in Queensland sits an uninhabitable pre-war property

The Park Crescent house, built in 1980, has stunning views across Sunshine Beach and has DA approval already on it. It is located just three doors down from a beach house Ms Rinehart bought for $11.2m in February this year.

Therese Rein bought this beachfront cottage which has DA approval in Sunshine Beach for $6.75m before selling it six months later to Gina Rinehart for $9.75m.

The property uses a walkway down to the beach.

Ms Rinehart’s also bought an Arakoon Crescent property in Sunshine Beach for $21.5m in February, which was one of the most expensive home sales in Qld in the 2021/2022 year.