Why is this important? Because the Reynolds family is one of the most important underwriters of Republican causes and campaigns. From my AJC colleagues Rachel Tobin and J. Scott Trubey:
The developers of the Reynolds Plantation, one of Georgia’s most exclusive enclaves of vacation homes and golf courses, have floated a plan to sell off key assets like golf courses, clubhouses and even swimming pools to pay off $45 million in debt to impatient lenders.
The news about Reynolds Plantation came to light after a letter was sent to homeowners Thursday, detailing issues for the development that is about an hour and a half drive east of Atlanta on I-20 on Lake Oconee.
According to the letter, signed by Reynolds Plantation Chairman Mercer Reynolds III, a group of banks is demanding a hasty payment of $45 million by April. The payment was requested while the development company was negotiating renewal of a line of credit.
In the letter, Reynolds says he and his cousin, Jamie Reynolds, had “pledged a number of additional assets (totaling approximately $60 million) to the banks,” but the banks still want the large payment in two months. The cost of construction of the amenities being sold is about $136 million, the letter says.
- By Jim Galloway, Political Insider