Iconic Isle of Man hotel to be sold

Hotel News - 12/05/2011

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A hotel with championship golf course on the Isle of Man are due to be put up for sale, after their owner – a millionaire tycoon – was forced to admit he has no other way of raising the funds needed to cover a huge court judgement against him. The Castletown Golf Links Hotel, considered a local icon, enjoys one of the finest views on the island.

The sale might at least bring some resolution to the uncertain future faced by the hotel, which has been closed since shortly after the last TT motorcycle race in 2007. The hotel’s owner, Graham Ferguson Lacey, was director and chairman of the Sefton Group until last year.

Mr Ferguson Lacey resigned from the two positions at the Sefton Group because of poor health. He was recently ordered by the courts to pay back a loan of £1 million, plus interest and costs.

Representing Mr Ferguson Lacey, advocate Jerry Carter, told the court that his client does not have enough money to pay back the loan. Referring to the ‘cupboard’ as being ‘pretty bare’, Mr Carter said there was some hope that the property could be sold.

Though the 50-room hotel has remained closed since 2007, the golf course has remained open, with players regularly enjoying the 18 holes by the sea. The court has ordered Mr Ferguson Lacey to pay back a total of £1,076.006.82.

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