Thu., May 10, 2012 7:01am (EDT)

MetLife Buying Reynolds Plantation
By Associated Press
Updated: 2 years ago

ATLANTA  —  
New York-based insurance and financial services giant MetLife will buy Reynolds Plantation, ending more than a year of bank receivership and uncertainty about the future of the development. (Photo Courtesy of Akibubblet via Flickr.)
New York-based insurance and financial services giant MetLife will buy Reynolds Plantation, ending more than a year of bank receivership and uncertainty about the future of the development. (Photo Courtesy of Akibubblet via Flickr.)
An agreement has been announced for the sale of posh golf community Reynolds Plantation.

New York-based insurance and financial services giant MetLife said Wednesday its agreement includes six golf courses, four marinas, nearly 5,000 acres of undeveloped land and the Ritz-Carlton Lodge at Lake Oconee. The community is about 80 miles east of downtown Atlanta.

MetLife says Birmingham, Ala.-based Daniel Corp. will oversee Reynolds Plantation.

In February 2011, Linger Longer Development Co. Chairman and Reynolds Plantation developer Mercer Reynolds told members the company's lenders were demanding repayment of debt and offered to sell the members the community's public areas for $45 million.

The members declined and a bank-appointed receiver was hired last year to operate the clubs and market the community and undeveloped land.