Kim and Kanye pass on Island paradise
ALL those Keeping up with the Kardashians fans who were holding out for Kim and her husband Kayne West to buy Turtle Island would be disappointed to know its a couple of buyers from Singapore who are now in the box seat.
In November last year we revealed rumours that Kim Kardashian and Kanye West were looking at buying the island when they were in Australia promoting Kim's latest perfume.
The real estate agent who manages the island, Richard Vanhoff, said Singaporean buyers were waiting for the all clear from the foreign investment review board.
Mr Vanhoff said the estimated $5 million deal was expected to go ahead.
"They are really keen and we should see some movement on the property," he said.
"It has been a lengthy process given the terms and size of the investment for the island but the Australian Government has clamped down through the investment board."
Australia Foreign Investment Review Board examines foreign investment and advises the treasury department on policy.
Mr Vanhoff said the board was making it harder for foreign investors to buy homes after a Chinese company was forced to relinquish a $39 million mansion in Sydney in March.
Golden Fast Foods, a company owned by a real estate group listed on the Hong Kong Stock Exchange, had failed to notify the FIRB. He also confirmed an off-the-market contract was being drawn up for Compigne Island, the island that sits opposite Turtle Island. "Compigne Island isn't as luxurious as Turtle Island but it is still a nice bungalow with a magnificent swimming pool and a subdivision over the top of it already," he said.
He would not disclose the prospective buyers.