Almost immediately after it was advertised — for an undisclosed sum — interest in the former university residence and latterly, doomed timeshare, was said to be strong.

The 1869 listed building has lain empty and grown increasingly derelict since work to turn it into the exclusive shared-ownership club named 'St Andrews Grand' ceased two years ago.

Once the Grand Hotel, then a university residence, it was sold by St Andrews University for around £20 million, five years ago, to Rhode Island-based Wasserman Real Estate Capital LLC.

Work stopped in 2007 and, that October, local newspaper the St Andrews Citizen carried a picture of the shocking state of the building's rear view.

The following year, it was placed on Scotland's 'Buildings at Risk' register.

Later, representatives of Fife Council, Historic Scotland and contractor, McAlpines, pronounced it safe, checking it over.

However, in May this year, fears it could be the scene of a potentially fatal accident surfaced after teenage truants climbed on the roof. Fortunately, no-one was injured.

Alan Creevy, national director of global real estate firm, Jones Lang LaSalle, said it was hard to imagine a more iconic building in the world of golf.

With the next St Andrews Open Championship and worldwide television coverage only a year away, the world of golf would no doubt be concerned over the timing of development of the building across the street from the Old Course. Access for any vehicles would undoubtedly affect the famous golf championship.

Mr Creevy said the property has planning and listed building consent for 25 luxury apartments, originally intended for fractional ownership, and would suit being turned into a boutique hotel or "high value" residential development.

"Clearly, we remain in a market where credit is difficult to obtain but, for developments such as this...we have no doubt there will be very significant interest," he said.