NEWPORT, QLD – MARCH 04: A man looks out over the surf at Treasure Island National Park during the New Year’s Day celebrations in Newport on March 4, 2018 in Newport, Queensland, Australia.
The park, known for its sand, is located in the south of Queensland.
The vast majority of the park’s 1,000 square miles are privately owned and about $1.2 billion worth of property has been sold to private investors.
The property includes the world famous Sydney Harbour and the iconic beaches of Gold Coast, Bowen and Penrith.
(Photo by Getty Images) NEWPORT (NEWS 1130)-The sale of 1,100 square miles of the Treasure Island national park to a private investment group has set a new record for the most valuable Australian property in history, the Australian Securities and Investments Commission has said.
Treasure Island was declared to be a UNESCO World Heritage Site in 2005, and has a wealth of natural and cultural assets including the iconic Sydney Harbour, Gold Coast beaches, the Bowen and Cairns beaches and more.
The sale to private equity firm CAA has been widely condemned as a “sham” by the NSW Premier Barry O’Farrell, and the state government said it had taken steps to halt the deal before it was officially finalised.
Mr O’Harrell said he would not tolerate “any sale of national parks that would undermine the heritage of the heritage site and its iconic attractions”.
Treasure Islanders are Australia’s poorest people.
They have been the victims of economic and social injustice and their cultural assets have been systematically sold to the highest bidder.
The state government is expected to lodge an objection to the sale.