Rae’s on Wategos back on the market after failed sale

MILLIONAIRE'S PARADISE: Rae's on Wategos will be aucitoned on October 26.
MILLIONAIRE'S PARADISE: Rae's on Wategos will be aucitoned on October 26. Contributed

THE renowned Rae's on Wategos is back on the market again, but agents acting for the iconic Byron Bay guesthouse are confident it will sell after its purchaser failed to settle a deal of more than $20 million.

In late October, the prized and much celebrated beachfront property was sold a few hours before its scheduled auction through Ray White Hotels agents Tony Bargwana and Andrew Joliffe, and Gerald Delany of Kay & Burton in Melbourne.

The guesthouse has been operated for more than two decades by Vincent Rae.

After the sale Rae moved to Paris, where he plans to marry the actress and Chanel muse Anna Mouglalis in late March.

Rae has told a Sydney newspaper that he was annoyed about the situation.

"We had much genuine interest in Rae's and I'm annoyed that having a signed contract with guarantees from a reputable international businessman who has not delivered," he said.

It's understood that Rae has returned from Paris to oversee the process of marketing the property again.

It's also understood the buyer who failed to complete on the sale is a London trader named William Morris.

During the October marketing campaign, agents issued 25 contracts to local and international parties.

Agent Tony Bargwanna said yesterday (Monday) he was confident the property would be sold.

"There were a lot of disappointed people when the property sold last year," he said.

"We are definitely moving forward with this now and a sale will be achieved."Offers for Rae's must be submitted by March 20 through Mr Bargwanna of Ray White Commercial Gold Coast and Andrew Joliffe of Ray White Hotels Australia.

Topics:  raes on wategos



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