A Budds Beach property which last changed hands for £50 at a time when the area was full of mangroves is expected to fetch more than $1 million when it goes under the hammer later this month.
The property, linked to the late Paul Jermanus and his cousin Marilyn Ialacci, hosts four rundown two-bedroom flats, and is a short stroll from the tourism mecca of Surfers Paradise.
Ms Ialacci, a retiree, said it was Mr Jermanus’ father Edmund who initially bought the 455sq m block of land at 53 Palm Ave.
“My uncle had the foresight to realise just how great it was at Budds Beach,” Ms Ialacci said.
“He bought the land in the 1950s and he built a block of flats.
“I don’t know why he decided to build flats as no one there was really building them. He must have decided to get some income.”
Ms Ialacci recalled many visits throughout her childhood and said the family would travel from the Brisbane suburb of Coorparoo.
“Budds Beach in those days was all mangroves,” she said.
“My main memory was we used to go down to the mangroves where it was all sort of bush and we used to look for soldier crabs. Budds Beach was basically full of cabins and fishing shacks.”
The flats are in original condition complete with high ceilings and wrought iron window frames.
“The position of them is just amazing,” Ms Ialacci said.
“You could knock it down or build a house or duplex because there are duplexes on either side. Or you could hold it and have an income until you’re ready to knock them down.”
Marilyn Ialacci says it was her uncle who decided to build flats on this Budds Beach property. SuppliedThe property has been on the market since April and previously had an asking price of $1.195 million.
However, it is now being taken to auction on October 22 by Denise Allan of Professionals Surfers Paradise.
“We’ve had so much inquiry that the vendors thought why not bring everyone to a point of competition being the auction,” Ms Allan said.
“Disregard anything in the past as it will be sold on the day — all parties are committed to selling.”
Original article published at www.goldcoastbulletin.com.au by Aleisha Pidgeon 11/10/16