Mon., October 11, 2010 8:45am (EDT)

Sea Island Sells For $212M
By Associated Press
Updated: 4 years ago

ATLANTA  —  
The Sea Island Co. goes on the auction block in front of two bidders Monday in Atlanta. (photo courtesy Georgia Department of Economic Development)
The Sea Island Co. goes on the auction block in front of two bidders Monday in Atlanta. (photo courtesy Georgia Department of Economic Development)
Bidders have agreed to join forces to buy the Sea Island Co. for $212.4 million in auction to settle the Georgia resort operator's bankruptcy case.

Sea Island spokesman Mike Geczi said Monday evening that the deal was reached after eight hours of negotitions.

If a bankruptcy judge approves the sale, Sea Island's resorts, golf courses and private clubs will have four partners sharing ownership.

The sale price was nearly $15 million higher than a partnership of Oaktree Capital Management of Los Angeles and Capital Avenue Group of New York had previously agreed to pay. Sea Island filed for bankruptcy protection in August.

Joining them as partners will be Starwood Capital Group of Greenwich, Conn., and the Anschutz Corporation of Denver.