Former Defence Industry Minister Steven Ciobo has taken a $109,000 hit to the pocket while selling up next to the Queensland electorate he represented.
Former Defence Industry Minister Steven Ciobo has taken a $109,000 hit to the pocket while selling up next to the Queensland electorate he represented.

Ex-Defence Industry minister takes $109k hit to pocket

Former Defence Industry Minister Steven Ciobo has taken a $109,000 hit to the pocket while selling up next to the Queensland electorate he represented for five terms.

Steven Ciobo with wife Astra and their sons on the Gold Coast ahead of his retirement at the May 2019 election.
Steven Ciobo with wife Astra and their sons on the Gold Coast ahead of his retirement at the May 2019 election.

Mr Ciobo, who was the House of Representatives member for Moncrieff - which covers the central Gold Coast including its most popular strip Surfers Paradise - sold his waterfront apartment at Hope Island for $740,000, a massive loss on what he'd paid 15 years beforehand.

He bought the property off the plan in December 2005 for $849,000 in the Federal electorate of Fadden, four years into what would become an 18-year term in office, CoreLogic records show.

He bought the Hope Island luxury apartment four years into his first term in office.
He bought the Hope Island luxury apartment four years into his first term in office.

Mr Ciobo still got more $60,000 more now than he was asking for the property when he listed it for sale at $680,000 10 months before the 2019 Federal Election.

In the seven years before he'd first listed it for sale, he had been using the luxury "rare riverfront corner apartment" as a rental investment, asking for weekly rent of $550 a week in September 2011 to $580 a week in mid 2018.

The property was listed on the rental market from September 2011 to mid 2018.
The property was listed on the rental market from September 2011 to mid 2018.

The property has three bedrooms and sits on the third floor of a secure riverfront complex.

Among the apartment's charms was a chef's kitchen with Miele appliances, a tiled waterfront balcony, and it came with two secure side-by-side basement car park spaces.

The complex has lush gardens and resort-style facilities including an infinity pool, gym, and communal entertainment spaces.

During his time in Federal office, Mr Ciobo also held ministerial positions covering International Development and the Pacific, Trade and Investment, and Tourism, and resigned at the 2019 Federal Election.

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Originally published as Ex-Defence Industry minister takes $109k hit to pocket

He had tried to sell if for $680,000 10 months before the Federal Election.
He had tried to sell if for $680,000 10 months before the Federal Election.

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