Overseas investors have bought Great Keppel Island for more than $50m

Getty ImagesGreat Keppel island

Great Keppel Island, one of the iconic islands near the Great Barrier Reef just off the coast of Queensland, has been bought by overseas investors for “more than $50 million”.

The new owners are a couple from Singapore and Taiwan, according to the AFR.

The island was previously owned by well-known property tycoon Terry Agnew. His company Tower Holdings put a 162ha portion of the island up for sale in May after failing to get a $400 million luxury casino and hotel project off the ground.

Tower Holdings has today signed an agreement with Wei Chao, the foreign investors’ company, to buy its lease.

Agnew had hoped to sell the 162ha portion of the island for $25 million, but the foreign couple bought a much larger adjoining portion of the island with an existing golf course and villas on it, which took the total holding to more than 1,000ha.

The current approvals in place include a new 250-room luxury beachfront casino and resort, apartments, villas, shops, a 250-berth marina, and an extension to the airstrip with direct flights to potentially operate to Sydney, Brisbane and Cairns.

There were reports that a “cryptocurrency consortium” would be used to purchase the island, but this did not go ahead.

The AFR has more.

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