Argus Group Holdings is in talks to buy the Old Colony Club and word on the street is that it could spell a windfall for the clubs 120 members.

Gerald Simons, president and CEO of the Argus Group, confirmed that his company was speaking to the snooker club in a bid to purchase their building and its adjoining parking lots at 5 Trott Road. The property is located directly behind Argus? current headquarters on Wesley Street.

?Discussions are continuing,? said Mr. Simons.

Mr. Simons declined to comment on the price tag for the property or give any further details on the deal, however this newspaper understands that the prime Hamilton location is expected to fetch around $12 million. If the sum is divided amongst the club?s membership, every person would walk away with a cool $100,000.

Besides being a central venue for snooker tournaments, The Old Colony Club also hosts regular meetings of the Bermuda Folk Club and leases part of its space to the Bermuda School of Music.

Mr. Simons said his company is eyeing the property with plans to increase its office space. The growing local insurer is currently constructing a new 60,700 square foot office space that extends from Wesley Street through to Trott Road. That project is expected to be completed by late 2007.

Club president Ray Madeiros did not respond to queries.