After several failed deals the Lantana Colony Club may finally have a buyer three years after its closure.

Sixty jobs were lost when the 120 room hotel closed in 1998. Adam Leseur, manager of the nine acre Somerset cottage colony, blamed financial problems and low occupancy for the decision to close. But he said at the time that he hoped that an overseas investor would be found.

Yesterday, Paul Leseur whose family are owners of the property, told The Royal Gazette "We have a purchase and sale agreement and they are doing their due diligence."

But he declined to comment any further saying that he was bound by a confidentiality agreement. Due diligence periods could last several months and there are no guarantees as to the outcome.

The property which has been maintained by its owners since its closure, features cottages in a garden setting, a small beach and a central clubhouse.

In the past, promising negotiations have been announced only to have the sale eventually fall through.