Dunk Island gets relisted by Peter Bond

Dunk Island has been relisted for sale off Mission Beach.

The Brisbane businessman Peter Bond is seeking buyers having repossessed it five months ago after a $31.5 million vendor financed deal with the developer, Mayfair 101 fell over.

Bond said the decision to repossess the island was "not taken lightly".

"Unfortunately under the circumstances we have been left with no alternative but to foreclose," the Bond family spokesperson said in a statement. 

"We have spent several months working with Mayfair in an attempt to engineer a solution. 

"However, despite several extensions to payment terms Mayfair have remained unable to meet their obligations."

JLL Hotels & Hospitality Group’s Nick Roche and Andrew Langsford are the listing agents.

Mayfair 101 had intended a $1.6 billion hospitality project on the freehold Great Barrier Reef island which also included 200 mainland dwellings it had agreed to buy up last year.

The island's prior owners include P&O Australian Resorts.

Bond purchased Dunk Island after the Yasi cyclone.