Dunk Island, a Far North Queensland resort island has been purchased by music heavyweight, Mark Spillane.
The original owner, Mayfair 101, were in years of financial uncertainty after redevelopment plans failing after Cyclone Yasi in 2011.
Dunk Island resort is a 4.5 star holiday destination with 160 rooms, a nine-hole golf course and multiple restaurants.
Spillane is the co-founder of Upsense Capital and has lived and breathed the world of live music, television and film production. Known for working with the likes of Aerosmith, Van Halen and Jimmy Barnes.
The future of the resort is yet to be decided, but Spillane hopes to breathe new life into the resort with a variety of initiatives and projects.
"We look forward to working closely with the community, regional and state governments, and other key stakeholders in planning a sustainable development," expressed Spillane.
He hopes that the direction of the purchase would like to be made public within two months.
"We just want to take the right steps and get something moving as quickly as possible."
Locals are excited about the new ownership as the previous owner, Mayfair 101, had 'let the community down'.
The sale of the resort was handled by JLL Hotels & Hospitality Group agents Andrew Langsford and Nick Roche on behalf of the Bond family. It was sold for $20 million.
