The Summerland site is likely to be put up for sale.
Infrastructure Minister David Cretney says in the current climate it's 'very unlikely' government will have the money to do anything with it.
In the House of Keys today (Tuesday) he was asked for an update on what was happening at the northern end of the promenade.
Mr Cretney told members any decision about a sale would ultimately be made by the Council of Ministers.
He also said potential buyers would have to deal with some obvious issues:
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