You won't believe how cheaply a foreign buyer snapped up one of Australia's most most famous resort islands - but they have ambitious plans to restore its former glory

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A super-rich Singaporean family has bought one of Australia's iconic Great Barrier Reef island resorts for half its advertised price.

The names of the new owners of Lindeman Island, about 15km south of Hamilton Island in north Queensland, have not yet been revealed but CBRE Hotels confirmed the tropical paradise was been snapped up for just $10million.

The 136-hectare property was previously bought by Chinese tycoon William Han's White Horse Group for $12million in 2012 after the island's French-owned Club Med closed earlier the same year, according to the Australian Financial Review.

The property was listed for $20million and was bought by the Singaporean family after a deal with Queensland property developer Shaun Juniper fell through.

Lindeman Island (above), on the Great Barrier Reef in north Queensland, has been bought by a rich Singaporean family for $10million

It's understood the new owners will continue plans to renovate Lindeman Island's abandoned resort, formerly a Club Med location (pictured, the resort's abandoned pool)

The new owners also have not yet revealed their plans for the abandoned resort but it's believed they will takeover White Horse Group's proposed renovation.

The $583million plan was submitted to the Queensland Government for approval in 2015 and was expected to generate 300 construction jobs and 300 jobs within the new resort.

White Horse's proposal included a five-star beach resort, six-star spa resort, a five-star eco resort and a four-star tourist villa with facilities including a bar, nightclub, shops, airstrip, golf course and restaurants.

The plan is currently listed as approved with conditions on the government's website.

The latest sale continues a trend of Queensland islands changing hands in the last 18 months.

Atlassian co-founder Mike Cannon-Brookes' wife Annie bought Dunk Island and its abandoned resort for $23.65million in July.

The island's former owner, Chinese tycoon William Han's White Horse Group, previously submitted a $583million renovation plan for the resort (pictured, renovation concept image)

Mining mogul Andrew Forrest joined the trend in November, buying Lizard Island and its operational resort for $42million.

Sydney-based Kingdom Developments bought Victor Island for $3.655million last year but have already put it back up for sale, this time asking for $3.3million to $3.5million.

However, the boom in popularity has also seen locals protest current island owners who are letting Queensland's tropical resort history rot away. 

Double Island's owner has come under fire for letting the resort that was once frequented by Hollywood bigwigs, including Jennifer Aniston and Keanu Reeves, sit abandoned.

The island, which sits off the coast of Palm Cove in north Queensland, was bought by Hong Kong-based billionaire Benny Wu for $5.68million in 2012, the ABC reports.

His company, Fortune Island Holding Company, signed a lease on Double Island until 2099 but is now being threatened with eviction.

The billionaire was expected to clean up the island and open it to the public by March.

However, Mr Wu has failed to do so and is facing his lease being cut short. 

Double Island owner Benny Wu is facing eviction after he failed to open the island (above) to the public by March

Assistant Tourism Minister Michael Healy said the government has 'run out of patience' with Mr Wu after finding no improvements have been made to Double Island's abandoned resort (above) since 2012

Assistant Tourism Minister Michael Healy said the government has 'run out of patience' with Mr Wu's empty promises.

'They were going to spend money on it and maintain this iconic asset,' he said.

'It is a world-class tourism opportunity and it's extremely disappointing it's been left in such a state.' 

Photos of the abandoned resort show it has been overrun with mould and left littered with old furniture. 

The Department of Natural Resources said Mr Wu had given a condition report but found 'not a single improvement' has been made to the island since it was bought more than a decade ago.