Pat Rafter misses out on $1m payday
FORMERworld champion Pat Rafter has missed out on a million-dollar pay-off on land he developed in the Queensland town where he grew up.
The star player, who has made more from real estate than his international tennis winnings, had developed the land among several properties he owned in the Eumundi-Noosa region north of the Sunshine Coast.
But when the property sold for a tidy $1.01 million this month, it was not Rafter picking up the cheque, but the couple that he had sold it to at a discount.
Rafter was on a property divestment spree when he sold the block for $347,500 in May last year - though admitedly he had not wanted much more than that for the block, giving a discount of $17,500.
The couple that bought Rafter's block in Eumundi relocated a 1900s Queenslander to the site which they renovated before the sale.
Rafter struck the deal at a time when his stunning Sunshine Beach home in Noosa had been sitting on the market for six months without a solid bite.
And while he might not have been so patient with the land sale, his Noosa beach house went on to sell a year later for $$15.2 million to the founder of Betty's Burger David Hales.
Rafter has an affinity for sprawling residential land developments, having turned his hand to it after retiring from professional tennis.
His father Jim had successfully tamed vast tracts of Eumundi scrub land into what is now valuable residential real estate close to Noosa. Several of the Rafters, including Pat, have held plots in the area, with a massive 1.29ha block at 108 Panorama Drive currently on the market for $1.35m.
The tennis superstar and his family have since relocated to a sprawling 38ha estate just over the border in Byron Bay, which film megastar Chris Hemsworth also calls home.