The future of Coral Beach & Tennis Club along with Horizons and Cottages remained shrouded in mystery yesterday.

Friday’s deadline for the end of the two properties’ receivership came and went without an announcement, and with KPMG Advisory, the joint receiver, and the general manager of the prestigious club, Tim Thuell, unable to comment.

Receivership of Coral Beach & Tennis Club, along with its sister property Horizons and Cottages, was to end with either the mortgage holder, Swedbank AB New York, taking over the leasehold, or with its purchase by a third, unnamed party.

Puisne Judge Stephen Hellman had heard the application for the discharge of the receivership of Coral Beach and Horizons during a brief hearing in the commercial courts last week.

David Kessaram, lawyer for Swedbank, explained to Justice Hellman that as of last Friday, either the mortgagee would take over the property, or it would be sold to a third party.

Mr Kessaram had said: “We can’t say at this stage which is going to happen. Come what may, receivership is going to come to an end.”

A 200-year lease for the 26-acre resort and cottage colony had been bought by New York-based company Brickman with a loan which ultimately was held by Swedbank. That lease was purchased from a company that in turn is owned by George Wardman, that held the properties.

Brickman’s plans were to redevelop the club as a Four Seasons 150-room resort and residences, but backed away blaming the global economic crisis. A proposed deal to sell the properties to Coral Beach members broke down, who, it is understood, felt the $28 million price tag was too large.