The Australian economy could not hold back for long from the global recession and is already feeling the pinch of the global downturn. The latest victim of this credit crunch is Fitzroy Island, famous for its Nudey Beach. The freshly revamped $100 million Fitzroy Island resort in the Great Barrier Reef, was placed in the hands of receivers Ferrier Hodgson and administrators McLeod and Partners last week. The resort’s owner, Joshua Hunt bought the resort from adventure tourism operator Raging Thunder for $18 million in 2006, $13 million of which is still to be paid by Hunt, while reportedly also owing $50 million to BankWest. Though the resort gained its share of publicity by hosting the contestants of reality TV series “The Biggest Loser” and offering 500 victims of the Victorian bushfires a week’s free holiday, it’s now been placed in receivership just five months after it opened.

Via: SMH448017