Island entrepreneur Trevor Hemmings is reportedly selling Blackpool Tower.
The local council is in negotiations to buy the landmark and the winter gardens for a significantly lower cost than Mr Hemmings paid for it.
The property owner bought it for £76 million but Andy Mitchell, news editor at Radio Wave in Blackpool, says a figure of £40 million is now being discussed.
Cannan administration 'at its weakest point at the moment'
Tim Crookall spoke to the media for the first time earlier this week since his reappointment to DOI
Braddan Commissioners says rates increase will 'strengthen' essential services
Chair Neal Mellon says budget is 'prudent' and 'community focussed'
Island's bathing waters meet highest European standards
Eight beaches graded as either 'excellent' or 'good'
Public sector NDAs only confidential between involved parties, says solicitor for AGC
Philip Farrar says any line to the contrary would make them 'void'
