IT HAS been a luxury getaway for the likes of Tom Cruise and Keith Richards and now Rae's on Wategos is set to become the plaything of British tycoon Sir Richard Branson.

While Byron Bay property agents remain tight-lipped about the identity of the buyer after Rae's sold for a tad more than $20 million on Friday, a well-placed source confirmed the identity of the mystery buyer.

At this stage, it is unknown what Mr Branson's intentions are for the luxury hotel but it has been suggested he may renovate it for exclusive use by his family and friends.

Seller Vincent Rae has previously confirmed that he has held "discussions with Richard Branson over the last year or two, he loves the place".

Mr Branson already has a small portfolio of upmarket properties in Australia including Makepeace Island, his private resort on the Sunshine Coast's Noosa River.



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