Clive Palmer spends $5m to expand Fig Tree Pocket pile

One waterfront holding divides Clive Palmer’s Rivergum Retreat from the home of his son, Michael.

Clive Palmer is spending $5 million to expand his residential holding in Brisbane’s Fig Tree Pocket.

The mining magnate paid $7.5m for ‘Rivergum Retreat’ at 36 Needham Street (pictured top and right), on the banks of Brisbane River, in 2018.

The price was a $2m discount on the outlay the vendor, Linc Energy founder Peter Bond, made nine years earlier and $4.4m lower than was being sought when it hit the market in 2017.

Five months ago, Mr Palmer spent $5m on a non-waterfront but neighbouring site.

Factoring in the latest purchase – for the house west of that – the Rivergum Retreat holding spreads four hectares.

Only one riverfront property – occupied by technology businessman Bevan Slattery – divides the former Coast MP from the Ningana Street home his son Michael bought for $5.1m in mid-2018.

Fig Tree Pocket is about eight kilometres south west of Brisbane (story continues below).

Clive Palmer and Colliers International Townsville’s Shaun McLaren after the Queensland Building auction last October.

Clive Palmer in the property pages

Last year Mr Palmer contested at an auction with seven parties to buy a Toowomba commercial investment, the Queensland Building, for $780,000.

At 104 Flinders Street it was speculated that mixed-use asset could be the replacement headquarters of Queensland Nickel which went into liquidation four years ago.

In 2018, the 66 year old spent $12 million on 9 Hedges Avenue, Mermaid Beach, from developer John Potter.

That contemporary home was on the market with a guide of $11.1-$12.9m.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco