THE company behind the proposed $750 million Dusit Thani resort at Brookwater has been placed in receivership after falling more than 12 months behind in repayments of its financing facility.
According to Financier, Myst Group, negotiations broke down with Brookwater Resort Investments and the company had no choice but to take possession of the land adjacent to the Brookwater Golf Club.
Brookwater Resort Investments had proposed a 520-apartment luxury resort in partnership with Thai resort operators Dusit Thani and just last month staged a turning of the sod ceremony.
Ipswich Mayor Paul Pisasale said he hoped the issue could be worked out quickly before any damage was done to the integrity of the project.
"Those who have already invested in the resort, and others looking to, want security and they will not be happy with this latest publicity," he said.
"The council remains fully supportive of the project going ahead, but it has to have solid finances behind it."
A Springfield Land spokesman said they were disappointed at the situation, but still hoped that Richard Turner and his creditors could resolve their issues and complete the resort.
The Myst Group said construction of the resort was still a preferred option, however proper process had to be followed to recover the financing facility.