A penthouse apartment valued at £5.1 million is to top the luxury accommodation which will be made available at Hamilton Hall.
Details released this week by owners, the Kohler Company, reveal the iconic St Andrews building - to be named Hamilton Grand - will incorporate a total of 26 luxury apartments, with a starting price of £1.35 million.
Owners will be offered the chance to participate in a rental management programme operated by the Old Course Hotel, which is also owned by the Kohler Company.
Revenue from this agreement will be split between owners and the hotel.
A full range of complimentary services will be included in the sale price including green fees at The Duke’s golf course and access to the Old Course hotel spa.
The building will be serviced by a concierge and residents will enjoy a daily maid service and personalized amenities.
Transportation to local attractions will also be laid on and a personal assistant will be on hand to organise flights or book services, such as a private chef.
Former manager of the Old Course Hotel, Debbie Taylor, has launched the project in her new role as president of hospitality and real estate with the Kohler Co.
She told the Citizen: “Our goal is to restore Hamilton Grand and create a dwelling that will make the people of St. Andrews proud.”
“We have been honoured to work with community members throughout this process. With their support, we are pleased to unveil our plans to the rest of the world.”
Developers will be hoping the deals on offer prove attractive in the high end luxury golf market. If successful, it will bring to an end a troubled time for the famous building that has served as a backdrop to many memorable occasions on the Old Course.
It was sold, unsolicited, for £20 million in 2005 by St Andrews University who had been using it for student accommodation since shortly after the Second World War.
The new owners planned to convert it into luxury timeshare units but were unable to attract sufficient interest. Upgrading work on the building was abandoned and its condition gradually deteriorated until it was repossessed in 2009 and subsequently purchased by the Kohler Co.
It was initially called the Grand Hotel when it first opened in 1895. Throughout the Second World War it was used by the armed forces before being sold to the university.
It is now set to be transformed, with the clear out - due to be completed within a month - allowing construction to begin immediately after.
The cost of accommodation at Hamilton Grand has been released just a week after the Citizen revealed the average price paid for property in St Andrews rose by a third in 2010.
Accommodation looking onto the Old Course has been described as a “market on its own” by the estate agent Savills, who are involved in marketing Hamilton Grand.
However, there are concerns that the multi million pound market centred around the Old Course is adding to the pressures on housing throughout the town.
Billy Lynch of Frontlife Fife, an organisation that aims to prevent homelessness, said this week that St Andrews was one of a number of areas where local people were finding it increasingly difficult to find homes.
He told the Citizen: “We do have instances where people who have a local connection have no way of getting back into St Andrews where they want to live.
“People who have been brought up in the town can’t afford to live their anymore and it is a real shame they can’t stay contribute to their community.”
“It’s a big problem that can only really be properly sorted out with a proper social housing building programme.”