The Georgia-based Sea Island Company has filed for Chapter 11 bankruptcy protection.
The coastal resort and development firm had trouble finding buyers for undeveloped land.
Sea Island Company needed land buyers because it was in debt to the tune of $482 million.
The company borrowed to finance costly renovations and expansions to its flagship resort, in an attempt to make it an even more high-end destination.
Since the 1920's, Sea Island on the Georgia coast has played host to presidents, celebrities and other wealthy guests.
It hosted the 2004 G-8 Summit of world leaders.
The global economic meltdown, however, hobbled its high-end resort business.
And land sales haven't been enough to pay debt.
The company says, it's selling virtually all of its assets to investment firms Oaktree Capital Management and Avenue Capital Group.