kooralbyn?

This was reported in July this year. A lot of gaps since then and maybe "Pie In The Sky" methinks. ??
Worth noting Hutsons' comments near end of report.

THE $22 million Kooralbyn Resort on Queensland's Gold Coast remains on the market, but its mortgagee-in-possession vendor is taking heart - it has at least been able to sell the manager's residence.

The Kooralbyn Resort was among $91m worth of assets acquired by the unlisted Asset Resolution group last year from Wellington Capital, the responsible entity for the Premium Income Fund, a relic of MFS, a Gold Coast-based property and financial services group which collapsed in 2008 owing about $3 billion.

Asset Resolution's financial reports reveal the group, headed by a former federal minister for resources, David Bedall, has enjoyed mixed success in its attempts to sell its newly acquired real estate.

It has netted about $11m from the sale of residential apartments in the Icon development in the NSW coastal township of Port Macquarie, as well as vacant lots of land surrounding the $22m Forest Resort in Victoria.

Seven apartments in the Icon complex have sold, with prices ranging from $472,187 to $670,000. Five remain on the market.

Asset Resolutions realised $433,784 from the sale of the manager's residence at Kooralbyn and is believed to have spent hundreds of thousands of dollars sprucing up the Gold Coast hinterland resort for another attempt at selling it.

Asset Resolutions has also sold former PIF-owned land at Mission Beach in north Queensland for $2.32m as well as land at Tweed Heads in NSW for $3.75m. Both were slated for tourism developments.

A Queensland coal industry identity bought the Kooralbyn Resort in 2011, but decided against proceeding with the acquisition a year later.

Wellington Capital's managing director, Jenny Hutson, said the sale proceeds would go to the shareholders in Asset Resolution who were identical to the 10,000 unitholders in the PIF as at September last year.

"We held a meeting in June which was cancelled following the commencement of legal action by ASIC to delist PIF and sell the remaining assets," she said. "Wellington Capital will continue to run the PIF until all assets - about $33m as reported in the March 1 financial accounts - are realised and the capital is returned to unitholders."

- See more at: http://www.theaustralian.com.au/business/property/resolution-finds-buyer-for-kooralbyn-asset/story-fn9656lz-1226680929075#sthash.M1EnpVBI.dpuf