An old (in both senses of the word) friend just put down over a million dollars for 667 square metres of reclaimed land, also known as Lot 11 (indicated by the red spot) in The Cove at Airlie Beach in the Whitsundays.
Even if it were Australia's answer to Dubai's Palm Islands, it would still be an awful lot of money for a bit of man-made waterfront. However, my old friend, being at an age when he's got too much of the one thing and no longer enough of the other, doesn't seem to mind the expense nor the fact that eventually global warming would leave him, at best, with wet feet.
It's very sporting of him to buy into this troubled project and help the receivers collect their exorbitant professional fees - see here. My guess is that once he's surrounded by the bad taste of 22 nouveau riche neighbours and feels like a performing seal as his every move is being watched through binoculars from the Great Wall of China on the hillside, he'll put the Greater Fool Theory to the test.
