The Sark Property Company put up £20M for the homes, hotels and land but this was turned down by the trustees of the late Sir David Barclay.

Sark's seigneur Sir Christopher Beaumont and entrepreneur Swen Lorenz are behind the deal that aimed to boost Sark's economy and add value to tourism.

They were able to get investors to put up £20M for the sites but Mr Lorenz says this was rejected by the trustees of the late Sir David Barclay.

"Sadly, we were not able to agree on a price with the current owner. Our offer of £20m was, we believe, a fair reflection of the portfolio’s value with a small premium on top.

We worked closely with our advisor Savills Guernsey to calculate what the estate is worth, considering its current condition and wider factors like the challenging tourism situation for the whole of the Bailiwick.

However, the asking price of the current owner was so much higher that there was no way to bridge the gap."

Christopher Beaumont says if the chance to buy comes up again they will go for it, but with assurances over the price and the backing of Chief Pleas:

"This is not the outcome we had hoped for. The opportunity to secure a future for Sark, which was clearly supported by a large majority of the population, has been lost for the time being."

It was abundantly clear from our encounters that the charm of Sark was easy to sell, all could see what we were trying to achieve and were willing to help us deliver."

The trustees who own the sites - including several hotels - have said they intend to refurbish and develop them in due course.

The Sark Property Company is now being wound down.