Scotland’s economy: Millionaire abandons plan to buy Kinloch Castle

NatureScot, formerly Scottish Natural Heritage (SNH), which acquired the 19th-century A-listed building in 1957, had entered final discussions on a possible sale to Jeremy Hosking, a prolific political donor with an estimated net worth of around £375m .

Mr. Hosking, who was ranked 351 on the Sunday Times Rich List 2019, co-founded the private investment firm Marathon Asset Management.

READ MORE: Scottish Gulf’s hickory history is a winner with tourists

Concerns about the private sale were raised by the Isle of Rum Community Trust during talks with Scottish Government Secretary Lorna Slater in November last year.

Earlier this month Fliss Fraser, longtime resident and director of Rum Enterprise warned that the sale of the building posed an existential threat to the community on the island.

The Isle of Rum Community Trust released a statement following the businessman’s decision to back out of his plan to purchase the iconic landmark.

The organization wrote: “We will continue to represent and stand up for our community and its majority views, as well as the wonderful environment and heritage of our island. We look forward to working with NatureScot, the Scottish Government and other partners to find a sustainable future for the Castle site that will benefit everyone on Rum and also the Community Empowerment and Engagement, Land Reform, Environment and NetZero agendas like inheritance.”