St Andrews' Hamilton Hall is bought as the Open championship nears

The iconic Hamilton Hall overlooking the old course at St Andrews has been sold after three years of lying in disrepair, The Journal can reveal. 

Unconfirmed reports suggest that the new owner will be American tycoon Herb Kholer, chief executive of the Kholer Company who make bathroom fittings.

The 70 year-old father of three currently owns the Old Course Hotel, Golf Resort and Spa in the town.

Mrs Debbie Taylor, the managing director of the hotel, admitted to The Journal that Mr Kholer had made a bid.

She said: “We recognise the significance of this iconic building and its importance to St Andrews however we are still waiting to hear if our bid has been successful.”

Jason Hogg of selling agent Jones Lang LaSalle confirmed to that one bid had been accepted, although he could not divulge the name of the successful party.

He said: “I can confirm that nine bids were received and one has been accepted. The bidder is now tied into a legal contract, and payment is due in the next couple of weeks.

"We will not be making an announcement regarding their identity.”

The property has been empty since it was sold by the University of St Andrews four years ago for £20 million.

The seller, Rhode Island developer David Wasserman secured planning consent to convert the listed building into 23 luxury timeshare apartments, but construction work was suspended when the property market crashed.

The news of the sale will come as a relief to locals ahead of The Open golf championship to be held their in 2010.

Local MSP Ted Brocklebank told The Journal: ”I am extremely interested in finding out who has bought Hamilton Hall. What we don’t want is for a speculator to buy it and for the building to be left with nothing being done to it.

I have heard speculation that Mr Kholer is the successful bidder, and if he is, it would be a considerable relief. I am from St Andrews and know the excellent work he has done with his other properties in the town.”

It is anticipated that the new owner will make an official announcement before the end of November.

The iconic building which is commonly known as ‘Old Red’ was used as halls of residence for St Andrews University between 1949 and 2006, and featured in the film Chariots of Fire.

Earlier this year, the Bank of Scotland repossessed the building and put it up for auction.

Nine bids were received before the closing date in August.