It's understood plans have been drawn up to turn the Tower of Refuge into a luxury Island hotel.
Reports say the anonymous investor is keen to create a hotel with a historical feel for cruise passengers arriving on the Isle of Man.
Among the facilities being rumoured are spacious rooms with an 1800s decor, an open-air swimming pool and sea view balconies as well as 'boasting a location which is off the beaten track'.
It's also hoped the exclusive nature of the venue could attract the 'whales of world business' to Manx shores.
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