A Launceston man has been extradited to Queensland and charged with murder, nearly three decades after a wealthy Gold Coast retiree was killed.
Police had been investigating the death of 89-year-old Hugo Benscher since 1992.
He was found bound and gagged on the floor of his Paradise Point home, suffering an injury to his head.
Local police said there had been a number of home invasions in the area at the time of his death.
Queensland Police last year renewed its appeal for information over the killing, and a $250,000 reward remains on offer for information which could result in a conviction.
Investigating detectives had reviewed and re-examined thousands of pieces of evidence and re-interviewed witnesses, but said it was new information that had led to the arrest.
With help from Tasmania Police, homicide detectives charged the 62-year-old Northern Tasmanian man, who was originally from the Gold Coast, on Tuesday.
The victim's son, Ron Benscher, addressed media in Queensland following the arrest.
"I had given up all hope that my father's murder was going to be solved," he said.
"The way my father was killed ... a terrible way to go, the person who committed this crime showed no mercy, no compassion, no heart, no feelings towards an old sick, feeble man.
"The murderer has had 27 years of freedom ... if there is anyone out there with any information ... please, please come forward."
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Recalling the day he first learned his father had died, he said he "just couldn't believe it".
"I saw my father, it was just a sight that stays in my mind," he said.
"I feel today that maybe I will get relief, if there is a conviction."
Queensland Police Detective Senior Sergeant Tara Kentwell said investigators remained interested in information from anyone who may have interacted with the victim at Runaway Bay Yacht Club around 1992 or who may have knowledge of a boat coming into the Paradise Point canal on the evening of June 20, 1992.
"During the recent investigation police also came into possession of a brooch that we believe may be linked to Hugo's murder and we are asking anyone with knowledge of the brooch to contact police," Detective Senior Sergeant Kentwell said.
The accused is due to appear in the Brisbane Magistrates Court on Wednesday.
Anyone with information should contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000.