A BUYER has come forward for the derelict Birubi resort.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Twelve bids were received on the Anna Bay property between April and May when administrators, Grant Thornton Australia, listed it for expressions of interest.
“A contract to sell the property has been signed, however the details of the sale remain confidential,” Grant Thornton receiver and manager Andrew Sallway said.
While Mr Sallway wouldn’t be drawn on the price he said it wasn’t enough to settle outstanding debts.
“While the local community will be pleased with this announcement, there will be a shortfall to creditors,” he said.
The mayor of Port Stephens, Cr Bruce MacKenzie, said he hoped to meet with the Chinese buyer within a week. He scotched rumours of a tourist park for the site.
“It will be a resort of some sort – I wouldn’t be happy with a caravan park,” Cr MacKenzie said.
“I want to see people coming here from Asia spending their money here.”
The resort became the target of vandals when unpaid security guards walked off the site. The resort was to include 154 rooms and 500-seat function centre worth $50 million.
Contract settlement is expected on June 14.