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David Wasserman, a principal in Wasserman Real Estate Capital, told The Scotsman he still plans to develop the property but as single-ownership units. He said his original plan for the building overlooking St. Andrews Old Course was not sound.

"We had something that many people wanted, but those that wanted it couldn't afford it and those that could afford it wanted something different", Wasserman said. "We managed to sell a third of the fractional ownerships, but it wasn't enough."

The Royal and Ancient Golf Club told The Scotsman the development company, based in Rhode Island, owes back rent for office space. Local officials have also become concerned about the condition of the building, Hamilton Halls, which has a dirty facade and broken windows as it sits empty.

Wasserman paid 20 million pounds for the building (around $40 million) four years ago when property prices were at their height.

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