THE iconic Rainbow Beach Hotel was passed in at auction yesterday on a vendor's bid of $2 million.
The auction was held in the top storey of the pub by auctioneers Power Jeffrey and Co under instructions from receivers Justin Walsh and Adams Nikitins.
About 70 people, a mix of locals and buyers, attended.
Bidding started at $1 million and slowly worked its way up to $1.425 million as two prospective buyers battled it out.
With the auction stalling, auctioneer Peter Power exercised his right to a vendor's bid of $2 million and the property was passed in.
The massive two-storey Queenslander style hotel was built in 2008 as part of a $35 million Plantation development which included 36 luxury units and nine shops.
At the time no expense was spared on the hotel.
It boasted an assortment of designer bars, a kids' play area and two ultra-modern kitchens.
American Oak timber was used in the doors and windows, spotted gum timber for decking on the ground floor and blackbutt for the upstairs flooring.
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