Tracey Emin made a surprise announcement about her next project to a huge, star-studded crowd, who had turned out to the opening of her new studios and art school.

The artist launched the Tracey Emin Artist Residency (TEAR) and TKE Studios in Victoria Road in the heart of Margate on Saturday.

Hundreds lined the streets, with music legends Jools Holland and Boomtown Rats frontman Bob Geldof spotted among the crowds.

Wearing her Freewoman of Margate outfit, the controversial artist announced in front of council leader Ash Ashbee that she would be putting in a proposal to buy and renovate the Westbrook Loggia on Westgate Bay, with the hopes of transforming the building into a swimming pool, sauna and café.

Addressing the council members, she said: "It's going completely derelict.

"It's a beautiful Art Deco looking building and it's ginormous.

"I am intending to put in a proposal to buy it - at subsidised cost - and renovate it to make it into a swimming club."

To cheers from the crowds, she went on to say: "It will have hot showers, steam rooms, a café, a little restaurant and a sun deck.

"I want everyone from Margate to be able to enjoy it and be proud of it."

The 59-year-old then added: "Or maybe you could put some flats there or something", which was met with a chorus of "boos" by spectators.

In an emotional speech, the artist behind My Bed said: "I have to say this is better than I could have ever imagined or dreamt."

Pointing to areas of Victoria Road, she recalled: "When I grew up in Margate as a little girl, that was my library and Sunday school was around the corner.

"Margate was such a different place and I'm so proud of everybody who's been a part of this project and everybody who's been a part of the arts.

"I've always said to everybody wherever art goes, commerce follows.

"This time we got here first, it's our town, it's our creative Mecca, and we are going to make it more creative.

"By doing that, we are going to help all the people who are living here - especially 18,000 people who are living below the poverty line.

"Soon, it will be passport to Margate rather than passport to Pimlico."

Emin snapped up the property just over a year ago.

She told KentOnline: "The realisation of it all coming together feels pretty fantastic.

"The creative vibe and good energy will spread into the area.

"We plan to do talks, drawing classes and other activities that will be open to the citizens of Margate, and there will be exhibitions that will be open to the public."

She added: "I brought the place because it’s very close to my personal studio, it was available and the charity who owned it was desperate to sell it - so everyone gained.

"Also, the building had a charge on it that it can only be used for educational purposes.

"I love the old bathhouses and the morgue, so it was perfect for my needs.

"It will never be built on or be used for commercial purposes."

Emin previously discussed her plan for the studio in a candid interview with KentOnline last year.

TEAR has ten students from all over the world including Uganda, Australia and America.

Performing at the opening was the Margate Brigade Band and Margate Social Choir, who sang Like a Prayer by Madonna - bringing a tear to Emin's eye.

The extensive former bathhouse features some of the famous artist's own work, as well as studios showcasing the talents of many budding painters and sculptors.

Within the former mortuary, new catering school The Best Place To Grow was selling food and drink.

It is set to open there this summer.