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.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Local artist is telling some of our most poignant stories

 Lennox Head artist Kate McDowell performing part of the piece at La Boite HWY Festival 2016.

The Adventures of Wonderbabe the Terrible

EDITORIAL: Spinning the roulette wheel of politics for fun, fame and profit

AMERICAN ROULETTE: What gambling teaches us about politics and life. Illustration by Vincent Van Montage

Donald, Vlad and George teach us a valuable lesson.

Love and mercy on the run

REMEMBERANCE RUN: Paying tribute at the Mini Field of Women held as part of the Byron Lighthouse Run last Sunday are: organiser of Rainbow Dragons Abreast- Marian Van Der Kroon, sister and neice of Barb Pinter- Stephanie and and Bonnie Qin, Paula Moore, Barb Pinter's sister Jenny Woodforde, Coordinator of Byron Breast Cancer Support Group- Sarah Sigley and Charlie Roberts. Paula and Charlie were at the Mini-field of women in support of his daughter Lorraine Brown. Barb Pinter, the founder of BBCSG and Rainbow Dragons Abreast passed away ealier this year.

The Byron Lighthouse Run attracted 1200 runners.

Local Partners

Cultural grant for Spaghetti Circus

MULLUMBIMBY'S Spaghetti Circus has won a $75,000 NSW Government Cultural Grant to continue delivering its projects.

Exterminate! Exterminate! The Daleks are coming

BCC Lismore will be screening a limited-run theatrical special presentation event of Doctor Who: The Power of the Daleks animated series from Saturday, November 12.

A much celebrated Doctor Who story is coming to Lismore and ByronBay

Top 5 events at Tropical Fruits 2016

IT'S ON: Tropical Fruits Festival over New Years.

Festival guide hits the streets this weekend

The Living End are coming to Byron Bay

The Living End

The Living End are going on the road in 2017 for a regional tour

Mariah Carey and James Packer discussing relationship

Mariah Carey and James Packer are discussing how to work things out

January Jones: Take time away from your phone

January Jones needs time away from her phone

Mel C won't return to Spice Girls for daughter

MEL C is adamant she won't reunite with the Spice Girls

60's British rock legends to return to Australia

The Troggs will play a string of dates across Australia in November.  Photo Contributed

We all remember 'Wild Thing' and now you can hear it live.

Depp jumps ship from agency of 25 years

Johnny Depp has signed to CAA after 25 years with the United

Orlando Bloom 'buried' Katy Perry in birthday flowers

Orlando Bloom "buried" Katy Perry in flowers for her birthday

Want to own one of Australia's best restaurants?

TOP GONG: Mooloolaba Spice Bar has been named in TripAdvisor's Top 10 Australian restaurants for 2016.

Here's your chance to pick up one of the Coast's favourite eateries

Tough times in CBD: Woolies says goodbye Ipswich

Woolworths in the Ipswich Mall.Photo: Rob Williams / The Queensland Times

The last day of trading will be January 1

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Ready to SELL your property?

Post Your Ad Here!