The iconic home was originally built by the Duke and Duchess of Hamilton.
PRDnationwide Magnetic Island agent Di Smee is running an expression of interest campaign which ends on November 20.
The hill-top, ocean-view luxury home at 32-36 Olympus Crescent is set on three land titles at the water’s edge and has a separate guest cottage. The views span across the Coral Sea and down to Fish Cove and neighbouring Alma Bay.
Ms Smee said the rare mix of two houses on three land lots, unbeatable water views and the island’s reputation make the property unique.
"An opportunity like this just doesn’t happen every day. The island has an international reputation as a tropical paradise and the addition of a world-class harbour in recent years has attracted five-star developments that have lifted the island’s status even higher," she said.
"At the same time, more than 50 per cent of the island is zoned National Park and less than 10 per cent is able to be developed so there is a guarantee that development won’t overwhelm the area’s natural beauty."
The main house was originally built in 1987 by the Duke and Duchess of Hamilton, also known as Angus Alan Douglas-Hamilton and Jillian Hamilton.
The guest house is estimated to have been built in the 1930s, made from Oregon pine, and while it has experienced an extreme makeover, still maintains much of its early charm.
"It’s not often you get the opportunity to purchase two houses, both with priceless views."
The view is so spectacular the property, set over 1529sq m, has been used as a location from which to photograph promotional postcard images. The property also sees regular visits by native wildlife including dugongs, whales, wallabies, koalas and rainbow lorikeets.
"Whoever buys this property will definitely get a bargain. As our region develops, these prime waterfront properties will only continue to gain value."
Magnetic Island is a 20-minute ferry ride from Townsville’s inner-city, less than 10 minutes from the airport, which Ms Smee says will appeal to southern investors.
"The proximity of the island to a major regional CBD and airport make it extremely liveable. Many people live on the island and commute to work each day, and many more island property owners are from southern cities like Melbourne or Sydney, because their tropical paradise is never more than 30 minutes to the airport," Ms Smee said.
Ms Smee says there have been many recent Townsville and particularly Magnetic Island property sales to southern buyers who recognise the potential of the region.
"We have a positive economy, fantastic weather and impressive population growth up here so our real estate market is still strong. We expect much interest from southern buyers."
