Annie Cannon-Brookes, wife of tech billionaire Mike Cannon-Brookes, has struck a deal to buy the beleaguered Dunk Island, off the coast of Far North Queensland.
It's understood the sale, which settled on Tuesday, went through for between $20-25 million.
The island's luxury resort was destroyed by Cyclone Yasi in 2011, and has since undergone several failed purchase attempts.
In a statement, selling agents JLL Hotels and Hospitality Group said the island's new owners were assessing plans to develop the island.
"This transaction reinforces the appeal of investment in coastal locations and the sentiment that leisure travel across Australia is poised for continued growth," said JLL's senior vice president Andrew Langsford.
The head of Cassowary Coast Tourism Patrick Bluett said there was a sense of relief and excitement about the sale among the region's tourism operators.
"We've been down this path many a time but this time's filled with optimism," Mr Bluett said.
"The sale has been handled in a totally different manner to previous well publicised sales.
"We're very excited for the future of Dunk Island, very excited for the future of tourism in the region and the general economy."
Mr Bluett said he first learned of "something concrete in the pipeline" about six weeks ago.
He said receiving news that the sale to Ms Cannon-Brookes had settled provided him great relief and joy.
"That will be shared by the wider community, no doubt about it," he said.
"And tourism in general in tropical north Queensland because Dunk Island is still an iconic name even though it's been 10 years since it was last operational.
"We still get enquiries from international travellers and international operators asking about Dunk Island and its future — it's an iconic brand for the whole region."
