The land at 87 Princes Highway features a golf course, existing club house, and several functional sheds, plus two houses previously occupied by the caretaker and greenkeeper.

It has not been used as a golf course since the early 2000s.

The property was bought in the 1980s by Japan's Harunori Takahashi, who was Australia's biggest foreign investor at the time.

Takahashi managed to secure a rezoning for an enlarged resort with hundreds of apartments and hotel rooms, before he was convicted in Japan over the collapse of community banks.

In 2002, the property was bought by Sydney investors, who entered into an agreement with the Melbourne developer Links Living.

In the mid-2000s, Links Living proposed a large-scale development on the site for serviced apartments, a hotel, short stay villas, a nine-hole golf course and driving range. Yet the development never eventuated.

Simon Kersten, managing director of Colliers International Wollongong, said he was now selling the land on behalf of a receiver.

Mr Kersten said the property was zoned "RE2 - Private Recreation", which allowed for a wide variety of uses, enabling it to function as a sporting club, function centre or recreational business.

The zoning also allowed for restaurants, cafes and kiosks subject to council consent.

"The zoning on this land does actually allow for a few different things," Mr Kersten said.

"It would allow you to stage events, both indoor and outdoor, so you could build a stadium there or create a venue.

"We've had people look at it for potential use as private motorbike tracks. Even something like a water park could technically be permissible.

"It's pretty diverse and being so close to Sydney we've had a lot of people looking seriously at it in the adventure tourism market."

Mr Kersten said the property, which has been on the market for three weeks, has attracted strong interest.

The property is for sale with expressions of interest closing on Thursday, November 6.