At a special general meeting held in Launceston over the weekend, 2171 timeshare owners voted against implementing a $954-a-week owner levy to prevent administrators stepping in.

Following the meeting, a number of timeshare owners raised concerns about the sale of 15.8 hectares of land on Alexander Street.

The property is one of a number the resort is trying to sell to pay off debt.

Mr Grey said yesterday that he had looked into the issue and by all accounts it was in line with correct procedures.

Lydia Rigby, an associate timeshare owner who attended the meeting on behalf of her husband with a group of fellow Port Sorell resident timeshare owners, said they had concerns after a person representing a Launceston developer questioned the sale before the end of the tender process.

Mrs Rigby said that person said they could offer $300,000 on top of what the property sold for and she wondered why the board would let it go so cheaply, if it needed the money.

The property was approved for sale by the previous board on March 18, before the end of the advertised "expression of interest" period on March 24.

Mr Grey said that after speaking to both the Knight Frank agent and resort general manager, he believed there was some mis-information.

He said there was never a tender process for the site, only an expression of interest and with only two interested parties, they were asked to submit their best offer.

The board went with the best offer in front of them, he said, which was a significantly larger amount than what they initially paid for the land and the bank was satisfied with that.

Mr Grey also clarified that the tavern was not for sale and it was only looking for a new leaseholder.

The board will meet tomorrow to discuss a number of issues in regards to moving forward to prevent it going into administration and working with the bank, as well as considering expressions of interest for the tavern lease.