6:06 am July 19, 2010, by Henry Unger
Sea Island, the posh but debt-riddled Georgia resort, may soon have a new owner, AJC staffers Scott Trubey and Dan Chapman write.
Bidders for the coastal resort, popular with generations of well-heeled Atlantans, have been narrowed to just a few out-of-state companies, their reporting reveals. The resort complex will likely be sold at a steep discount, three people in banking and real estate told Trubey and Chapman.
Sea Island’s next owner may jettison the company’s ill-timed efforts to transform the once-regional resort into a playground for the super-rich. The resort’s upscale lodges, golf courses and residential properties could be divvied up among two or more bidders.
“It’ll be different depending on who gets it and what their vision for the property is,” Russ Marane, executive director of the St. Simons Land Trust, told the reporters. “Nobody likes change, but change is a-coming.”
Bill Jones III, the Sea Island Co. scion and CEO, will likely be forced to relinquish control, a stunning development for the family that has run Sea Island since 1926, the reporters write.
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