Tuesday, August 10, 2010
Not-lanta WSJ: Sea Island Co. to likely sell for 'stunningly cheap price'
Posted by Thomas Wheatley @thomaswheatley on Tue, Aug 10, 2010 at 7:00 PM
- Sea Island Co.
The Wall Street Journalhas the details:
Under a pact expected Wednesday, funds managed by Oaktree Capital Management LP in Los Angeles and Avenue Capital Group in New York are paying $197 million for Sea Island, a stunningly cheap price for the 84-year old resort famed for its four golf courses, exclusive clubs and hosting such events as the 2004 Group of Eight summit. Despite its fame, it hit the wall financially when it couldn't repay the debt taken on by fourth-generation chief Bill Jones III to finance a large renovation.The deal is a sign of the changes taking place in the commercial real-estate landscape as banks begin to dispose of distressed assets and new land barons emerge. Until recently, banks have been reluctant to sell troubled loans and foreclosed property but the logjam is beginning to break.
If only you'd saved that $197 million you earned this summer maybe you could've become one of those "new land barons!" Way to slack off!
Some of the resort's woes, the WSJ and Atlanta Business Chronicle say, can be traced to a recent $395 million renovation that spruced up the posh resort and a nearby residential development project undertaken just as the housing market began to crater. Some of the resort's creditors will lose hundreds of millions in the deal.
Comments (2)
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Good. Maybe now they'll have to sell that fucking gate on the causeway. Then I can drive over and crab off the bridge. Assholes...
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That shit always happens when you go to renovate family holdings. Some deadbeat relative, usually alcoholic AND a meth addict nowadays, moves in with all the mooching trash he picked-up in Atlanta, and totally ruins the place. Then whatcha gonna do but have to sell in a downmarket?
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