Ventnor Towers is sold — and will remain a hotel

It failed to meet the reserve price and wasn't sold on the day of the auction, but within 24 hours there were two serious offers placed.

Contracts have now been exchanged with a buyer and it looks likely the property will remain as a hotel.

A spokesperson for Network Auctions told the County Press: "We had good levels of interest in the property prior to auction and several prospective buyers took a trip to view.

"There were five bidders registered to take part in the auction.

"Despite this, bidding failed to meet the reserve price and the property wasn’t sold on the day, the last bid was £724,000.

"However, within 24 hours of the close of the auction we had serious offers from two parties and contracts were exchanged on auction terms — the price is undisclosed.

"We understand the buyer intends to invest in the refurbishment of the Ventnor Towers and continue to operate as a hotel."

Images of Ventnor Towers Hotel.

Originally built in 1872 as a gentleman’s residence, the elegant Victorian property is situated on the edge of Ventnor on Madeira Road.

It offers a functioning helipad within its impressive grounds of 2.92 acres, and has panoramic sea views.

The substantial four-storey detached property, which has been extended multiple times over the years, offers 26 en-suite guest rooms, restaurant, sun terrace, bar, meeting and banqueting facilities and a games room.

Additionally, on site there is a swimming pool, tennis court and car park.