A Port Macquarie timeshare holiday resort has changed hands for the first time in 40 years.
Vacation Village off Settlement Point Road has sold to a family investment entity for $6 million.
The property features 24 two-bedroom units, an office and manager's residence.
Leisure facilities include a swimming pool, spa, playground, two tennis courts, squash courts, separate recreational areas for juniors and teenagers, barbecue area, bowling green, cricket net and mini-golf.
LJ Hooker Port Macquarie's Greg Laws said Vacation Village had never been sold before.
He described the property as a hidden gem.
The original development application was lodged in 1979 and the site was subsequently developed into a purpose-built timeshare facility.
Holidays at Vacation Village grew into longstanding traditions for families across the generations.
The property's sale was mooted in 2016, board meetings followed and the process of going to sale was approved in 2018.
Some 75 per cent members' consent was required.
The move to sell was officially signed off in mid-2019 and a four-week expression of interest campaign launched in February.
Mr Laws and Savills Australia were the joint agents.
Six bidders were shortlisted and they worked with two of the offers on the table but a sale did not eventuate.
The marketing campaign was fired up again with inquiries coming through to Mr Laws and a successful sale was negotiated.
Mr Laws said the buyer had other long-term investments, and at this stage, it was unclear what they may end up doing at Vacation Village.
"They are working on some different aspects of what it may look like going forward but they will make final choices once in possession of the property," he said.
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