A Queensland luxury resort built for $150 million has been sold for a shockingly low price.
Couran Cove resort located at South Stradbroke Island is set to change hands with its reputed price less than $10 million.
According to the Gold Coast Bulletin, Queensland property industry sources say that a sales contract had become unconditional and the buyer would take control of the island resort within weeks.
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Brisbane businessman Craig Dowling is understood to have bought the property but there’s no confirmation yet.
The 151-hectare site was developed by American billionaire philanthropist Chuck Feeney via InterPacific Resorts (Australia), who opened it in 1998.
The resort has 358 accommodation units – hotel suites, villas, cabins, and marine lodges – of which 158 are unsold.
There is also approval for a further 212 units and a yacht club.
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The resort has two restaurants, conference venues, function rooms, two gyms, running track, pool, waterfront building, surf club, jetties and 102 marina berths.
Mr Feeney has invested some $300 million since launching the project in the mid-1990s. but the property made a loss of $85.9 million in the year to February 2011.
Mr Feeney placed InterPacific and four associated companies in voluntary liquidation.Yahoo!7 Finance Calculators:
2 Comments
The Council Rates, Electricity, Water and Maintenance Bills and Staff Costs will be a burden if no one goes there.
ReplyTalk about a Fire Sale! Sounds like someone got caught out by the loss of tourists etc after the 'meltdown' - No money to spend buying accommodation or living all the time at the resort - too dear perhaps? Plus he probably did not take into account that island living/working, even by telecommmuting, is not for everybody.
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