The sale of the landmark Castle Mona hotel on the Isle of Man to a mystery buyer has fallen through, with the property to be returned to auction.
In October 2017 The Caterer reported that a buyer had agreed to pay considerably more than £1m for the historic 98-bedroom property.
But owners the Sefton Group plc have announced that the sale has fallen through and the hotel will be listed for auction with Lambert Smith Hampton on 14 May.
The Sefton Group’s CEO Brett Martin said: “For a number of months we have been working closely with a prospective buyer but unfortunately, despite several deadline extensions, they have failed to complete the purchase. Consequently, the board of Sefton Group has concluded that placing the property in auction is the best way to progress a sale and secure the long term future of the building.”
The property, which comes replete with towers and crenellations, has stood empty for more than a decade and has been on the market since 2011.
Originally built for the 4th Duke of Atholl, John Murray, in 1804, the iconic property became a hotel in 1835. It boasts leisure facilities including two nightclubs, a bowling alley and a ballroom, food, beverage and banqueting operations plus parking for 70 vehicles.
The Sefton Group plc bought Castle Mona for some £4m in 2007 with plans to turn it into a luxury boutique hotel, which were scuppered by the global banking crisis of 2008.