Project falls at first hurdle
The Sefton Group CEO says a proposed deal to buy the Castle Mona Hotel fell through, because the buyer could not raise enough funds.
Brett Martin has told Manx Radio the purchase price is only a fraction of the money needed to give the building a new start.
While the structure of the building is sound, the main issue will be identifying its future use, which Mr Martin suggests will be a multi-million pound venture.
Mr Martin says they had been working with a prospective buyer for many months, but despite several deadline extensions, they were not able to complete the purchase.
The building on Central Promenade in Douglas will now be auctioned by Lambert Smith Hampton on 14 May.
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