The former Hyatt Regency Coolum could be returned to its former glory after Clive Palmer settled a long-running stoush with resort owners in court.
The former MP and businessman ended his eight-year legal battle last week, agreeing to pay 310 owners of units in the resort $65,000 each for their shares.
The settlement will leave Mr Palmer almost $21 million out-of-pocket, but will likely give full control of the resort to the mining magnate.
It is now hoped that the resort, which closed in 2015 will now be restored to its former glory. Currently, the only part of the resort that remains operational is the golf course.
Previously, 600 staff members worked at the five-star resort, with 144 privately-owned villas on the property.
Speculation is now rife that the resort will be sold to Sekisui for development, after the lodged plans to build a new five-star resort across the road from Mr Palmer’s resort.
Sekisui’s plans faced a Supreme Court appeal to try and de-rail the planned 740-dwelling, 220-room five-star resort.
It is thought that Sekisui could circumvent the approval process by purchasing the existing resort from Mr Palmer.