It's understood plans have been drawn up to turn the Tower of Refuge into a luxury Island hotel.
Reports say the anonymous investor is keen to create a hotel with a historical feel for cruise passengers arriving on the Isle of Man.
Among the facilities being rumoured are spacious rooms with an 1800s decor, an open-air swimming pool and sea view balconies as well as 'boasting a location which is off the beaten track'.
It's also hoped the exclusive nature of the venue could attract the 'whales of world business' to Manx shores.
**Happy April 1**
Will the airport get a facelift soon?
Clocks go forward tonight!
Possible oil price hikes prompt Keys question
Government considers tourism tax to boost hospitality
US visitors need "increased caution" visiting Island, says State Department
Warning over Port Erin Beach work
Last bus strike of March continues today
Weather threatens four ferry crossings, cancels two