The Byron Bay property market has recently become a hot spot for deep-pocketed investors hoping to buy up a slice of coastal paradise.
But it seems neither hotelier Stu Laundy nor Justin Hemmes could bid a high enough price when it came to scooping up the region’s historic Bangalow Hotel last week.
The rival pub barons were reportedly locked in a bidding war for the 60-year-old pub, which is currently owned by NRL star Tom Mooney and wife Cathryn, with bids reportedly reaching up to $50 million.
Some things money can’t buy!: Pub baron rivals Stu Laundy (left) and Justin Hemmes (right) were both reportedly unsuccessful in their attempts to purchase the Bangalow Hotel, in the Byron Bay hinterland, after its owners decided they didn’t want to part with the historic pub
However, has claimed both parties were ultimately unsuccessful.
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‘Despite the dizzying dollars on the table, it’s understood negotiations went cold when the Mooneys made it clear by Thursday that — despite some too-ing and fro-ing — it was decided the pub would remain in the family for the foreseeable future,’ the publication reported.
The Mooney family boast an impressive property portfolio, which includes The Rails Hotel in Byron Bay and The Pacific Hotel in Yamba.
At war: The rival pub barons were reportedly locked in a bidding war for the 60-year-old pub (pictured) which is currently owned by NRL star Tom Mooney and wife Cathryn, with bids reaching up to $50 million
Local watering hole: The Bangalow Hotel (pictured) is located in the picturesque town of Bangalow, in the hinterlands of Byron Bay
No dice: ‘Despite the dizzying dollars on the table, it’s understood negotiations went cold when the Mooneys made it clear by Thursday that — despite some too-ing and fro-ing — it was decided the pub would remain in the family for the foreseeable future,’ the publication reported. Pictured: The Bangalow Hotel
Laundy and Hemmes were also reportedly also eyeing off The Pacific Hotel last week, according to last month.
However, it’s unclear whether that property was part of the Bangalow Hotel negotiations or whether the Pacific Hotel is still on the table.
It’s not the first time Laundy and Hemmes have been locked in a bidding war, as it’s understood the pair recently battled over Chris Hemsworth‘s local watering hole The Lennox Hotel in nearby Lennox Head.
Still up for grabs? Laundy and Hemmes were also reportedly also eyeing off The Pacific Hotel last week, according to The Herald Sun last month
Bachelorette star Laundy, in partnership with hotelier Fraser Short, purchased The Lennox Hotel with an offer of close to $40million.
In August last year, Laundy and Fraser confirmed they had also bought Byron Bay’s trendy venue The Farm for $16 million.
Laundy, who appeared on Channel 10’s The Bachelorette in 2017, has a share of his family’s $500 million fortune.
Cha-ching! Laundy, who appeared on Channel 10’s The Bachelorette in 2017, has a share of his family’s $500 million fortune
Fortune: Meanwhile, Hemmes and his family’s empire is believed to be worth around $1.06 billion
Meanwhile, Hemmes and his family’s empire is believed to be worth around $1.06 billion.
His property portfolio includes the Beresford Hotel in Surry Hills which he bought in 2010, the Queen Victoria Hotel in Enmore in 2015 and Bondi’s Royal Hotel in 2017.
It was also recently revealed that he bought his ex Kate Fowler a $7.5 million mansion in one of Sydney’s most exclusive suburbs.
Building the empire: In August last year, Laundy and Fraser confirmed they had also bought Byron Bay’s trendy venue The Farm (pictured) for $16 million