MetLife executives say the company has completed its purchase of the upscale Reynolds Plantation golf resort on Lake Oconee, which has struggled for months with its finances. MetLife said in a statement Thursday that the deal includes The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property about 80 miles east of Atlanta.
New York-based insurance and financial services giant MetLife said Wednesday it has agreed to purchase posh golf community Reynolds Plantation, including six golf courses, four marinas, nearly 5,000 acres of undeveloped land and the Ritz-Carlton Lodge at Lake Oconee.
The fate of Reynolds Plantation is in limbo after a developer failed to get a financial bailout from residents. Last month the East Georgia golf community's property owners rejected a plan to buy community assets.
A court-appointed guardian is taking control of the assets of the developer of the luxury Georgia golf community Reynolds Plantation, a move aimed at helping the financially troubled company avoid bankruptcy or foreclosure. Five lenders said in a court filing Wednesday that Linger Longer Development Co. and two of its affiliates are in default and appear to be in deep financial distress.
Property owners at Reynolds Plantation on Lake Oconee have voted against buying golf courses, marinas, clubhouses and other community assets from its developer. Linger Longer Development Company says only 20 percent of the 3,600 owners asked to vote supported the proposal. The community's bylaws say 51 percent would have had to approve the purchase.
Creditors have given the owners of Reynolds Plantation an April deadline to come up with 30-million dollars. Now officials with the exclusive vacation community on Lake Oconee will sell golf courses, clubhouses, and marinas to raise the funds.