Hugo Benscher, 89, was found bound and gagged with head injuries in his Paradise Point home on June 21, 1992.

Son Ron admitted he had given up hope that anyone would ever be arrested for his father's brutal murder.

"The way my father was killed at the age of 89, he was hit over the head, tied and gagged and he suffocated to death.

"A terrible way to go. They showed no mercy, no compassion, no heart, no feelings towards and old, sick feeble man."

"The murderer has had 27 years of freedom now surely it is time for the guilty party to pay."

At the time of murder there had been a string of burglary and home invasions in near canal estates.

Born in Hamburg in 1903, Mr Benscher came to Australia in 1948 and invented the inflatable ball bladder and valve for sporting equipment.

He lived in Sydney before retiring to the Gold Coast in 1986 where he lived alone.

Mr Benscher was last seen the day before the murder and received a phone call at 8pm before his body was found the next day.

Cold Case detectives launched a full review into the unsolved 27-year-old homicide investigation this year.

Police offered a $250,000 reward for help to solve the cold-case murder and detectives have not ruled out further arrests.

"Police believe there are more people who possess information about the murder of Hugo Benscher and may be more willing to give information following today's arrest," Detective Senior Sergeant Tara Kentwell said.

A nickel brooch recovered during the investigation may be linked to the murder, police said.

A Launceston man, formerly of the Gold Coast, was extradited from Tasmania to Brisbane on Tuesday where he was charged with one count of murder.

He will face Brisbane Magistrates Court on Wednesday.

Australian Associated Press