sold its take in resort operator Club Med Inc.

The company's 6.2 percent stake, 895,000 shares, were sold July 10 at $31.87, according to a filing with the Securities and Exchange Commission, said Bloomberg business news service.

About 752,000 of the shares were sold on the New York Stock Exchange while another 143,000 shares were sold on the Midwest Stock Exchange.

The stock was sold on behalf of mutual fund Orbis Global Equity Ltd., said the SEC filing.

On January 27, Orbis was ranked as Club Med's second largest shareholder. Club Mediterranee SA ranks as Club Med's largest shareholder with a 70.

8 percent stake comprised of 10.2 million common shares.

Club Mediteranee is seeking to buy the 29.2 percent of Club Med's shares it doesn't already own.

The French tour and resort operator recently raised its cash tender offer to $32 a share from $26.25 a share.

The company's Bermuda resort, located in St. George's remains vacant. The 300 room hotel closed in 1988 and has not reopened.

Government owns the land on which the Bermuda Club Med is built and though there has been suggestions of potential buyers none have materialised.

On April 3 the Attorney General filed a writ in the Supreme Court against Club Med alleging a breach in the terms of its lease with the intent of asking court for return of the land.