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.
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.
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.