Palmer resort legal saga ‘done and dusted’
Villa owners at Clive Palmer's Coolum resort are ready to sign the units over to the billionaire businessman for about $65,000 each.
The former federal MP last month agreed to pay 310 unit holders for their quarter shares in a class action settlement worth $21 million.
The Federal Court in Brisbane approved the settlement to the long-running class action, likely to give Mr Palmer total control of the former five-star Hyatt Regency resort.
The 21-day deadline for unit owners to not accept the offer has passed.
It's understood a handful are making inquiries into if they can still own a quarter share, but most have accepted the settlement, owner Chris Shannon said.
Mr Shannon purchased a quarter share of one unit in 1990 and he said his family had several decades of fond memories spent there.
The Marcus Beach resident was at the resort on Friday with several other owners collecting their personal belongings.
"It's the end of 30 years being involved here, it was an amazing time when the Hyatt was here," Mr Shannon said.
"Every owner I've spoken to in the past 48 hours are just reminiscing about what a magical place this was."
Many owners have been unable to enjoy their holiday homes for years.
Mr Palmer purchased the resort in 2011 but in 2015 it was closed, putting 600 staff out of work and shareholders of 144 villas in limbo.
Melbourne resident and shoe maker Peter Sheppard said the unit owners were keen to have the matter resolved.
He expected to sign over ownership of his quarter share to Mr Palmer in January.
"It's done and dusted," Mr Sheppard said.
"One day if I come back to the Sunshine Coast and buy a place to live in it will have nothing to do with the likes of Clive Palmer."
It remains unclear what Mr Palmer plans to do with the mothballed resort.
The settlement of the class action also brings to an end up to eight other related cases in both the Federal Court and the Queensland Supreme Court.
It also means two related cases in the Supreme Court will end.