Fashion heir sets sale record after spending $40million to buy a slice of picturesque coastline - as she plans on knocking EVERYTHING down

A power couple have paid $40 million for three beachfront lots which they plan on clearing to make way for two contemporary homes.

Lucy Henry-Hicks, who is the CEO of online fashion brand Dissh, and her builder partner Mitchell Lau, bought the 1,525sqm site on the southern Gold Coast .

The deal is expected to close in 2025 - which is when the existing structures will be torn down to make way for the new homes.

Mr Lau manages M2 Construct, a high-end building company, which aims to reinvigorate the 'unparalleled' 34m beach frontage along Palm Beach.

The $40million price-tag makes it city's largest single residential transaction.

Currently, the property hosts a 1960s-style shack, pole house and villa.

Former Sydney Swans player Tony Smith, who has since become an investor, previously owned the stretch of land.

GV Property Group marketing agent Luke Reaby said the dwellings had attracted fierce competition from four local developers before their eventual sale.

'The interest in this property was immense, but in the end, we were pleased to see it go to a Queensland family who truly appreciates the unique value of this site,' Mr Reaby told realestate.com .

'Typical beachfront blocks in Palm Beach have 10m of frontage, so with 34m of absolute beach frontage coupled with a corner aspect, this property provides a level of privacy and exclusivity that is truly one-of-a-kind.

'This sale is a milestone that highlights the evolution of Palm Beach into a prime residential and investment location.'

The sale fell just short of breaking the $28,395 per sqm record set by a separate beachfront block in Mermaid Beach earlier in 2024.

That property was purchased by Clive Palmer and his wife Anna who paid $28million for a home on Hedges Avenue from lotteries promoter David Kennedy in February.

Mr Smith's former property sold for just $26,000 per sqm.

Property documents show the couple agreed to pay $25.3 million for the beachfront block of land and another $3.2 million for the one behind it.

The final block, also on the beachfront, sold for more than $11.5 million.

Mr Reaby said 'a lot of generational wealth' concentrated in nearby Mermaid Beach has begun to quickly gentrify the area as new investors flood in.

Ms Henry-Hicks comes from a long line of fashionistas with her father, Melville Hicks, co-founding City Beach, and her mother, Maree Henry, launching Dissh.

Her daughter took over the business in 2019.

Billionaire Brett Blundy invested in a major stake in Dissh through his private investment group, BBRC Worldwide, in March.

The brand started as a brick-and-mortar store before Ms Henry-Hicks convinced her mother to shift towards a focus on e-commerce.

Ms Henry-Hicks and Mr Lau have one daughter together and are expecting a son later this year.

The couple recently purchased a newly built luxury property close to Ms Henry-Hicks' parents' beach home.

Mr Smith founded BreakFree accommodation group and owns FINNS Beach Club in Bali.