Egyptian tycoon Mohammad Al Fayed is understood to be visiting Tasmania shortly to consider buying several tourist resorts in the State including one on Flinders Island.
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Mr Al Fayed is the father of the late Princess Diana's companion Dodi Al Fayed.
He already owns the Harrods department store in London and the Ritz hotel in Paris.
An interstate newspaper yesterday reported that Mr Al Fayed had been negotiating with Tasmania Development and Resources to acquire several tourist resorts in Tasmania.
The report says Mr Al Fayed wants to take a partial equity stake in several properties including a "mega- resort" planned for near Lady Barron on Flinders Island.
There are two proposed developments on the island that could have caught the eye of Mr Al Fayed.
Melbourne man Frank Matthews, who owns Flinders Island Lodge at Lady Barron, is proposing a $6 million redevelopment of the complex including more accomodation and a conference centre.
Mr Matthews said he was hunting for investors but had not been contacted by Mr Al Fayed or his associates.
"I wish it were true," he sid.
German-born entrepreneur Hans Jost is developing a $14.6 million international resort and health club near the Lady Barron aerodrome, which he bought in 1991.
Mr Jost has planning approval for the massive complex subject to a study being conducted to determine its impact on the Lady Barron water supply.
He said he had had no contact or expressions of interest from Mr Al Fayed.
"There has been no approach," he said.
Mr Al Fayed's prospective dip into the local real-estate market could explain why a Tasmanian security firm has been employed to organise protection for an unnamed "high-flying international visitor" to the State.
The firm has placed a newspaper advertisement last weekend calling for six to eight security agents to work on a special function in Northern Tasmania for up to eight weeks.
Premier Tony Rundle told State Parliament yesterday that he had read both the article about Mr Al Fayed's interest in Tasmania and the security firm's advertisement but he knew little else about the developments.
Mr Rundle said that it might all be an "April Fool's joke gone wrong."
"I thought perhaps we were going to get a high-profile investor," he said.
There is already a connection of sorts between Mr Al Fayed and at least four Tasmanian accomodation properties that are being directly promoted to Harrods customers.
Cradle Mountain Lodge, Strahan's Franklin Manor, Freycinet Lodge at Coles Bay and Hobart's Islington Elegant Private Hotel were selected by a London travel firm to appear in an exclusive travel brochure which was distributed to 50,000 Harrods cardholders.
However, Mr Al Fayed could be spoilt for choice in his search for the perfect piece of Tasmania.
After a three-year delay, the $9 million Pumphouse point development at Lake St Clair is back on the drawing board and expected to be under construction by winter.
Swan Island on the East Coast is also reportedly for sale for $1.5 million.
Mr Al Fayed, 65, has been battling for years to win British citizenship despite his considerable investments in England.
He is married and has two daughters and one surviving son.
Dodi Al Fayed was killed in the Paris tunnel crash last August that also claimed the life of Princess Diana.
