Club Med sells Lindeman Island for $12 million

LINDEMAN Island in The Whitsundays has been sold to a Chinese investor for $12 million.

Club Med Lindeman Island

LINDEMAN Island in The Whitsundays has been sold to a Chinese investor for $12 million.

The island was previously home to a Club Med resort, which closed in January, blaming natural disasters and the high Australian dollar for a tourism downturn.

It has since been bought by a Chinese-born mining investor whose family company runs one of China's largest advertising enterprises, The Australian reports.

The Gold Coast's luxury Palazzo Versace hotel is also going on the market, with an expected $80 million price tag.\

William Han, the chairman of White Horse Australia and a non-executive director of Western Australia's Padbury Mining, said he would "work hard" to revive the island's fortunes.

"White Horse is now examining how to reposition Lindeman as an attractive tourist destination, but the resort has been through some challenging times," he said in a statement.

Cyclone-damaged Dunk and Bedarra islands in far north Queensland were also sold last year by the same sales agents, CBRE.

Bedarra Island was sold to the family-owned Charlton Hotel Group while Dunk Island went to Peter Bond, the CEO of Australian-based energy company Linc Energy, for around $10 million.