The Momi Bay Resort Project auction closed off in the last hour with the highest bid stopping at $41 million.
While the Fiji National provident Fund has invested $80 million into the project, the hammer fell at $41 million after the bidding started at $30 million.
However, Auctioneers Real Estate Agency Bayleys General Manager Philip Toogood told Fijivillage news that the property has not been sold as yet and negotiations have started with two of the highest bidders.
Toogood said they will try and push to secure more money from those willing to acquire the site.
The name of the successful bidder is expected to be revealed by the FNPF after negotiations are completed.
FNPF CEO Aisake Taito said they will have to find other avenues to recover the money invested in the project.
Taito confirms that negotiations between the highest bidders along with Bayleys is still underway to see if more funds can be obtained for the sale of the property.
The name of the successful bidder is expected to be revealed by the FNPF after negotiations are completed.
Momi Bay Resort close off at $41m
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