Resort worth $150 million sold for $10 million

November 1, 2012, 2:27 pmYahoo7

A Queensland luxury resort that has 358 accommodation units and other amenities has exchanged hands for a shocking sum.

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.

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