Billionaire beauty entrepreneur Shelley Sullivan is the rumoured new owner of grand Hamilton Island homestead Element Hill.
The businesswoman, who sold her remaining 50 per cent interest in MCoBeauty last year, has been a regular visitor to the Whitsundays retreat for many years and was introduced to the island by former owners, winemakers the Oatley family.
The Oatley scions sold Hamilton Island to US private equity firm Blackstone in December for a reported $1.2 billion.
A cashed-up Sullivan is understood to have been in talks to buy Element Hill since the start of the year.
The 1500 sqm home was listed with Sothebys International Realty in November.
Sotheby’s website now states the property is under contract.
The expansive modern property, which boasts 240 degree north facing views to Whitsunday Island and captures both sunrise and sunset, features eight bedrooms with ensuites and amenities including bar fridges, making it the perfect entertainer for 16 guests.
Situated on 3448 sqm, the estate also features three chef-appointed kitchens, multiple indoor outdoor dining zones, a games room, fully equipped gym and wet-edge swimming pool with breathtaking views.
Called Element Hill, the house was formerly a corporate holiday retreat.
According to real estate agents, it is the largest home in the prime elevated northern pocket of Hamilton.
The vendors are a Gold Coast-based family who listed the property at the end of 2025 with $18 million to $20 million hopes.
Sullivan, who currently calls rented waterfront “Bang & Olufsen” mansion in Sydney’s Point Piper home, declined to comment when asked about the private purchase.
In August, Sullivan’s ex-husband, former MCoBeauty accountant Anthony Sullivan, purchased a waterfront home in Sydney’s Kirribilli for $41 million.
The property investments follow the completion of the sale of MCoBeauty to billionaire pharmaceutical magnate Dennis Bastas in January 2025.
The deal saw Bastas’s DBG Health value the company at a billion dollars.
