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$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

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