Resort location becomes the biggest loser

The luxury location used on The Biggest Loser on Fitzroy Island, Queensland, is in doubt after the appointment of administrators and receivers just months after it opened.

The Hunt Resort is reported as facing estimated debts of at least $65 million with most of its $1-1.8 million apartments unsold and unfinished.

But resort owner, Joshua Hunt, yesterday said the property remained open. “We are having some challenges with one of our funders, and believed the best thing to do was to put in a receiver-manager until we sort out the issues,” he said.

“We are organising a financing take-out from existing funders. The resort is open and was full over Easter. All the apartments are built and the resort is just about completed. It is not going to close … the receiver/managers have been instructed to get in there and keep it operating.”

One source said that in the event of a fire sale, the resort, which has a restaurant and central common area as well as four three-storey apartment blocks, might raise no more than $15 million.

A meeting of Fitzroy Island Holdings Pty Ltd creditors is scheduled for May 1 in Brisbane.

Two more contestants on the show, Bob and Nathan, are still depicted as training on the island, although the show films ahead of its on air screening.

Source: Courier Mail