The Couran Cove resort at South Stradbroke Island, which had a development cost of $150 million, is set to change hands with its reputed price less than $10 million.
Queensland property industry sources told the Gold Coast Bulletin that a sales contract had become unconditional.
It even pinpointed the unconfirmed buyer as Brisbane businessman Craig Dowling, a director of Indian-owned Adani Mining, who became a director of Couran Cove Holdings, a company registered only last month with Couran Cove Island Resort as its business address, according to the news report.
The 151-hectare site, which closed in June last year, 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.
It was developed by US billionaire philanthropist Chuck Feeney via InterPacific Resorts (Australia), who opened it in 1998.
Feeney has invested some $300 million and after the resort made an $85.9 million annual loss, InterPacific and four associated companies went into in voluntary liquidation.
In the sales campaign David Devine's Metro Property Development took out a conditional contract but walked away earlier this year before the final signature was required.
More recently Colliers International undertook negotiations with the underbidder being an Asian hedge fund.
Colliers agent Darrell Irwin declined to comment to the Bulletin.
Ferrier Hodgson liquidator Will Colwell has indicated a final payout to creditors could be declared on December 10.
Ferrier Hodgson told Property Observer today there was no comment on the media report.
