THE Kooralbyn Resort sale has settled.
In a major boost for the Kooralbyn Valley and Scenic Rim, Yong Real Estate group founder Peter Huang has purchased the iconic resort, which has sat idle since it went into receivership in 2008.
Settlement was initially due for September but was brought forward to this week.
Mr Huang now plans to inject millions into the resort, starting with its golf course, in a bid to make it one of Queensland's premier tourist destinations, both for domestic and overseas travellers.
Mr Huang bought the resort for an undisclosed amount with a confidentiality agreement in place.
Mr Huang estimates that once it is returned to its former glory the resort will be worth between $300 million and $3 billion, depending on the market and scale of the master plan.
The resort has been closed since July 2008 and after years of failed sales and negotiations the settlement will bring relief to the Kooralbyn community, with anticipation building since the sale went unconditional in November 2013.
Mr Huang has previously announced plans to make it the world’s first and only integrated eco-tourism, health and wellness retreat with up to 70 different recreational activities incorporating skydiving, hot air ballooning, gliding, potential charter flights through the resort’s private airport as well as the championship golf course and polo field.
Other activities set to be added include sheep shearing displays, the Garden of Eden incorporating a vineyard, flower farm, fruit farm, vegetable farm as well as a native Australian animal experience including koalas, kangaroos, crocodiles and native Australian birds and gold panning.
A sports centres including beach volleyball, basketball, netball, table tennis, badminton, football, soccer, cricket, yoga, Tai Chi is also planned alongside sport fishing and water activities.
Mr Huang has previously said he plans to spend $10 million on the upgrading the resort's golf course and have it open by June 27 this year.
The resort will be branded as the Ramada Kooralbyn Resort and be run by the Wyndham Hotel Group, the largest hotel chain in the world.
It was previously a five-star resort and was Australia’s first integrated tourism resort.
The Kooralbyn Resort was built by Peter Abels and George Arthurs in 1973 as a holiday destination for the rich and famous.
It was sold to a Japanese hotel group in 1988 and in 2002 it was sold to New Zealand hotel operator Ray Schofield.