In a sobering sign of the times, a beachfront property on the Gold Coast sold yesterday for $5.5 million less that what was offered for it six months ago.

The 963sqm property on Main Beach Parade, just north of Surfers Paradise, sold for more than $9m at auction when no reserve price was set.

The owners, offshore investors Maxwell and Cleo Conrad, rejected an offer of $14.5m for the property last July when it was first auctioned.

The Conrads paid $13.5m for the property in June 2006.

The Australian