A stunning beach shack in Byron Bay has just been sold for a whopping $18 million, and the buyer is none other than the renowned hospitality mogul, Justin Hemmes. This transaction adds to Hemmes' impressive real estate portfolio, which already includes several properties in this sought-after beachside location.
Hemmes, the CEO of the multi-billion-dollar hospitality empire Merivale, has been on a buying spree in Byron Bay. In the past few years, he's acquired multiple beachfront properties, including a couple of houses on Belongil Beach for a combined $38 million, and an additional property on the same stretch for $3.75 million.
But here's where it gets controversial: Merivale, which started as a fashion house, has now ventured into the hospitality industry with over 90 brands, and its success is undeniable. With a reported net worth of $3 billion, Hemmes and his family have certainly made their mark.
The $18 million residence is a unique two-storey property, perched atop a dune. It features two self-contained studios on the ground floor and a spacious two-bedroom unit upstairs. A sold sticker on the listing indicates a private sale, with the price and buyer's identity to be revealed upon settlement.
Despite attempts to contact Sotheby's International Realty Byron Bay, who held the listing, and Hemmes' publicist, both parties declined to comment. However, multiple real estate sources have confirmed the sale.
It's speculated that Hemmes might demolish these properties to make way for his dream home, as local sources suggest the land is not suitable for commercial use. Hemmes will be joining his new neighbors, The Block judge Darren Palmer and his husband Olivier Duvillard, who also own a beautiful cottage nearby.
And this is the part most people miss: Hemmes' real estate ventures extend beyond Byron Bay. He also owns a $100 million heritage home in Sydney's Vaucluse and a luxurious $6.7 million weekender in Narooma on the South Coast.
So, what do you think? Is Justin Hemmes' real estate empire a sign of his success, or is it a controversial move? Feel free to share your thoughts in the comments below!
