Administrators at Fantasy Island have placed the amusement park and its adjacent market and caravan sites up for sale.
In a letter to caravan owners with homes at the Ingoldmells site, joint administrator Benjamin Wiles said that a likely timeframe for any sale could not be advised.
“I advise that we have now begun the process of marketing the business for sale,” the 26 November-dated letter read.
Fantasy Island entered administration in August 2014, after accruing near-£50 million debts.