Kooralbyn’s Ramada Resort has again been put on the market, less than a year after it re-opened its doors.
Property developer Peter Huang bought the embattled facility, including the Kooralbyn International School and planned retirement home, for more than $7 million nearly three years ago and has now placed a $68 million price tag on the holiday destination.
Mr Huang said a lot of hard work had been put in over the past few years to upgrade the resort.
“More than ten million dollars has been spent, refurbishing the resort, improving the golf course and ensuring the airfield is safe for private planes to land,” he said.
With several other high end resorts being put up for sale recently, including the Sheraton Mirage, Mr Huang said now was the right time to test the market.
“We’ve had a lot of people from both the local and overseas market make offers to us over the past three years, but now that we are up and running it is the right time to look at selling.
“The offers we have received have not reflected the value of the property, only the price that we originally paid for it. What needs to be considered is that the market has improved in the past few years and the refurbishments that have been made to the facility.”
Mr Huang said the 328 hectare facility would only be on the market for a limited time.
“It will only be available for one month and if the price isn’t right we won’t be selling. However, if a potential buyer wants to only purchase the resort and not the school or retirement home we would also consider those offers.”
Once a destination for the rich and famous, including high flying polo players and world number one golfers, the resort has now taken a less exclusive view of its patrons.
In February, a Motown inspired concert was held at the resort. Next month it will host the Kooralbyn rodeo and, in August, country music legend John Williamson is expected to perform there.
The Kooralbyn resort was started by Sir Peter Abeles and Sir Arthur George on land bought in the 1970s. It subsequently was owned by Westpac arm AGC, a Japanese group, and then Kiwi Ray Schofield, who lost it to receivers.
Mr Huang said the resort had failed previously because of poor marketing, a male-centric focus, and not being well maintained.