Millionaire rules himself out of buying Scottish island castle as it heads back on market

Financier Jeremy Hosking said it was too late for him to buy deteriorating Kinloch Castle on the Isle of Rum, owned by government agency NatureScot, which he was close to securing in 2022.

The sale of the 19th Century castle was paused following intervention by Lorna Slater MSP, then Minister for Green Skills, Circular Economy and Biodiversity, after concerns were raised by the Isle of Rum Community Trust.

READ MORE: A decaying castle at the heart of the battle for an island’s future

It claimed the sale threatened its aims of landownership, community empowerment and sustainability with the trust resisting the idea that “extreme wealth” could be a “panacea” for the island.

Now, research has concluded that the majority of islanders - 67 per cent - would support the sale of the castle and it being brought back into use for the wider benefit of Rum.

Mr Hosking, who originally proposed to fully restore the building at an estimated cost of £10m, walked away from the sale in 2023 and has now ruled himself out of buying the castle after NatureScot announced it would go up for sale again given island support for the move.

Mr Hosking said: “It is a fabulous project but possibly needs someone younger at the helm. I am now committed to a major investment at Arisaig House.”

READ MORE: Kinloch Castle reminds us of a time and place but what purpose will it serve in the future?

He added: “It appears that the trustees completely misrepresented the views of their neighbours.”

Researchers spoke to 21 islanders - 90 per cent of Rum’s population - for their study. They found that 14 people - 67 per cent - agreed that Kinloch Castle should be sold, redeveloped and brought back into operational use. A small group - four islanders - strongly disagreed (19 per cent).

Over half (13 respondents, 62 per cent) of respondents felt that the sale, redevelopment and operational use of Kinloch Castle would have a positive impact on the Rum. Four respondents (19 per cent) said they thought the impact would be ‘very negative’.

Residents want a new owner to contribute to the enhancement of nature on the island, while encouraging interest in Rum. Future use of the castle should be sympathetic to daily life on the island and make an active contribution to the community.

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Acting Cabinet Secretary for Net Zero Gillian Martin said: “I would like to thank all of the islanders and those with an interest in Rum who contributed to the study to look at the future of Kinloch Castle as, given its significance to Rum, we want to ensure the community is at the heart of the next steps in identifying the Castle’s future. All the views collected have helped me reach the decision that NatureScot can proceed to look for a buyer, with certain conditions of sale.”

Chris Donald, NatureScot’s Head of Operations for Central Highland, said the agency was “pleased to note” that most islanders support the sale of Kinloch Castle.

He added: “We understand that the community has a range of views on the castle and its future role in the life of the island. We are committed to keeping all island residents well informed of the next steps through direct, open and transparent communication.”

NatureScot will now work with the Scottish Government to explore options for the sale of Kinloch Castle.

Isle of Rum Community Trust has been contacted for comment.