Celebrity HomesNational

Gerry Harvey buys Black Bream Point for record price

Australian retail mogul, Gerry Harvey, has set a new real estate record in Narooma with the purchase of Black Bream Point located on the Wagonga Inlet.

According to Bega District News, the sale price of the 40 acre, waterfront estate, was undisclosed, however, its pre-sale listing price was between $9 and $11 million.

Selling agent David Nolan told Bega District News the Harvey Norman Chairman’s purchase made it the highest-priced sale in Narooma and the surrounding district.

The official listing noted the picturesque postcard location included eight guest cottages plus a spacious double-storey owner’s residence, a licensed jetty and boat ramp with direct ocean access and approximately 1.2km of water frontage.

Mr Nolan said the property had received over 700 enquiries from around the world, with the high price reflecting the current strong demand in Narooma.

Mr Nolan said exclusive locations like Black Bream Point rarely hit the market.

“They’re not on the market very often,” Mr Nolan said.

“It’s a limited space, and there is lots of demand.

“(Narooma) is quickly being discovered now by people coming out of Sydney, regional NSW and Victoria.” 

According to The Land, the billionaire retailer is likely to be there “a couple of times a year” and is on the hunt for a couple to manage the property, offering a $100,000 salary with on-site accommodation and all utilities included.

A weekend stay at the cottages costs between $390 and $760.

According to the AFR, Mr Harvey has a net worth of $3.2 billion having started Harvey Norman 40 years ago in 1982.

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.