The Retallack Resort & Spa has emerged from administration after property developer Galliard Homes agreed to purchase the assets.
The previous owner, the Tucker-Brown family, was forced to put the holiday resort into administration in March 2011 after running into significant cash flow problems.
Galliard Homes has now stepped in to acquire the assets of the resort, based near Newquay, and will be leading the development of the £30 million project, with original managers Amy and Jason Keyter running the business on a day to day basis.
Nick Tucker-Brown said: “Today is such a significant day and I have to say, it is not a day that has come easily.
“As a family of property investors, we have always seen terrific opportunity in the development of the land and of the proposition here. However, we have to hold our hands up and admit that we made some serious mistakes.
“We invested and developed Retallack very quickly, and, whilst we wholeheartedly believe in the long-term potential of both Retallack and of Cornwall, we underestimated the haemorrhaging effect of this recession.”
Galliard sales director David Galman added: “We are pleased to be able to understand the vision of the original owners and invite them to continue in a consultative capacity.
“We plan to develop a range of properties from large hotel-type suites through to six bedroom, full en-suite houses and will be activating in-depth market research to decide which facilities are most needed with a leaning towards securing vital off-peak bookings at Retallack.”