The Lough Erne Resort is to be purchased by Chicago-based options trader Tony Saliba and his family, for a price in the region of £8 million.

Market sources have confirmed that the Saliba Family Investment Holding Company are the buyers of the resort. Contracts are expected to be signed in the next few weeks.

Mr. Saliba, who was profiled in the best-selling book ‘Market Wizards’, manages options trading platforms for investors and has multiple investments in the US including in NFL (American football) and baseball. He is Chief Executive Officer of LiquidPoint, a Chicago-based options technology company he started in 1999, as well as Executive Managing Director for New York-based ConvergEx Group, which bought LiquidPoint in 2004. ConvergEx Group provides technologies for asset managers and financial intermediaries.

The wealthy Chicago family are major golf fans, which is understood to have added to the appeal of Lough Erne, with its Nick Faldo-designed sponsorship course.

In July, there were three parties (American, European and Chinese) involved in active negotiations, with the American party (the Saliba family) emerging as the preferred bidder.

A number of high-profile five-star resorts in Ireland (including Portmarnock Hotel and Golf Links, Fota Island Resort and Adare Manor) have been sold to American and Chinese investors in recent months.

Reports continue to circulate that a sale had been agreed for £5-£6 million, but market sources confirm that the sale will be in the region of £8 million. The hotel went on the market for £10 million in September 2012.

Initially developed by Belcoo businessman Jim Treacy at a cost of £35 million, the five star resort was put into administration in May 2011, owing £25 million to Bank of Scotland Ireland which decided to pull out of Ireland completely.

The hotel’s successful hosting of the G8 summit was attractive to potential buyers and put the hotel on the map. It is understood that the new buyer will purchase the hotel “as is”. It is currently part freehold, part leasehold. This will remain the case and the new owner can choose whether or not to negotiate with local lease holders.

Once the sale has been agreed, it is expected to take between four to eight weeks until the deal is legally confirmed.