Stu Laundy and Justin Hemmes are said to be in a fierce battle to buy the iconic Pacific Hotel in Yamba, close to the New South Wales coastal town of Byron Bay.
According to The Herald Sun, the picturesque cliffside hotel - which hasn t changed hands in over four decades - is reportedly looking for an asking price of close to $50million, and has peaked the interest of both parties.
It wouldn t be the first bidding war for the duo, as it s understood the pair recently battled over Chris Hemsworth s local watering hole The Lennox Hotel in nearby Lennox Head.