THE former Mountain Tamborine Vineyard and Winery at 122 Long Road sold at auction for $2.6 million.
John Zhang was the only bidder on the day adding the property to his portfolio which includes Fortitude Brewing Company.
The property was originally purchased by Scenic Rim Regional Council in 2022 for $5.85 million, borrowing $2.775 million from the State Government (check)
A spokesperson for the council said the outstanding balance owed by the council of $475,000 would be funded by existing council cash reserves.
The council has also retained 80 per cent of the total parcel of land which will be developed into a public parking area.
“The property was offered for sale by way of public auction and the sale price was reflective of market conditions at the time,” the spokesperson said.
“Council is also satisfied that the selling price was within acceptable market parameters.”
It is believed John plans to create a new unique business on the mountain, different to anything that is currently on Gallery Walk.
The sale marks the end of a dream for the not-for-profit group Tamborine Mountain Arts Precinct, who had battled to raise money to purchase the property, hoping to turn it into an arts centre and reinvigorate Gallery Walk.
Despite fund raising it was unable to come up with the money required to purchase the site.
The organisation said while it was not the outcome they’d hoped for, it is an opportunity to embrace new directions and possibilities and they are currently exploring innovative projects.
