One of the most well known real estate brands in in the market, Ray White is selling their franchise for the Gold Coast market of Broadbeach after it was placed in receivership in 2010.

The franchise is being offered for sale through receivers Graham Killer and Michael McCann of Grant Thornton with approval from the National Australia Bank. The business now manages $450 million worth of listings while reporting earnings of $11 million in 2010 derived from rentals and sales.

Difficulties in the Gold Coast market made the franchise struggle when done hand in hand with expansion plans by franchise owner Garry Gannon.

Property sales in the area have been hard to come by. Last month alone, out of 70 properties on offer by Ray White in Broadbeach only 15 were sold.

Ray White Queensland chief executive Peter Camphin told the Gold Coast Bulletin that there is interest in the business.

"Ray White Broadbeach is a really profitable, strong business, " he said. "It's not in receivership because of Ray White Broadbeach. It's in receivership because of expansion and business entities that Gary went into in other areas."

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