The sprawling former Lantana cottage colony is up for sale with a $16.9 million price tag.

The ten-acre Sandys property with views of the Great Sound, the venue for the America’s Cup in 2017, has been closed for decades.

It was bought by US business tycoon Larry Doyle, who also owns the Newstead hotel and Belmont golf course, in 2008.

Lantana, the Island’s first cottage colony, opened in 1958.

In its prime, it boasted extensive gardens, a croquet lawn, tennis courts and includes a private beach.

It closed in 1998 and has become derelict in recent years.

It is thought Mr Doyle paid between $12 million and $15 million for Lantana seven years ago.

Mr Doyle could not be contacted for comment yesterday.

The Lantana site is listed by real estate firm Rego Sotheby’s International Realty, which said it offered “endless possibilities to be transformed into a new luxury paradise resort in one of Bermuda’s most coveted locations”.

The listing added: “Lantana is ideal for investment and future development.

“The property is zoned as tourism with a small limited area zoned as agricultural.

“Previous planning approvals in principle have included 28 hotel condominiums, 13 hotel residences, beach club, two swimming pools and clubhouse.

“In addition, Lantana offers another option — planning approval had been given for a draft subdivision of 13 lots with the main lot being retained as a hotel component and the remaining 12 lots as residential.

“This development opportunity offers the discerning investor a rare opportunity to restore Lantana and add to its natural charm.”

New York-based Mr Doyle, managing director of hedge fund and mutual fund managers Horizon Kinetics also controls real estate investment firm Katierich Asset Management.

He bought the Lantana site while on vacation in Bermuda.

Mr Doyle said last year that plans to redevelop the Somerset Bridge site were on hold while he concentrated on Newstead, which was in receivership when he bought it last year.

But he added he hoped to eventually develop Lantana, which would share ferry and limousine services with its sister properties.