$1.425m the top bid at Rainbow pub auction

About 70 people attended the auction at the Rainbow Beach Hotel yesterday.
About 70 people attended the auction at the Rainbow Beach Hotel yesterday. Craig Warhurst

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.

Topics:  auction

Gympie Times

Stay Connected

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

Boat Harbour plans on display

SAFE HARBOUR: The draft plan for the upgrade to Brunswick Heads Boat Harbour

Brunswick Heads Boat Harbour plans on display

Kesha cancels Bluesfest performance

NO SHOWS: Kesha performing Praying at the 60th annual Grammy Awards in January. She injured herself earlier this month and has had to cancel her Australia and New Zealand tours, as well as her performance at Byron Bay Bluesfest.

Kesha will no longer be headlining Bluesfest 2018

It's apple season at the markets

MARKETS: High in fibre, vitamin c and antioxidants, it's no wonder apples have a reputation for keeping the doctor away.

She's all apples at local farmers markets.

Local Partners