MetLife on Thursday announced it completed its purchase of Reynolds Plantation, the posh Lake Oconee golf community that tumbled into financial trouble after the economic collapse.
The New York-based financial conglomerate announced in May it was purchasing the six golf courses, four marinas and nearly 5,000 acres of undeveloped land tied to Reynolds Plantation, about 80 miles east of downtown Atlanta. The Ritz-Carlton Lodge also was included in the deal.
Birmingham-based Daniel Corp., developer and partners with MetLife on the massive 12th & Midtown mixed-use complex in Midtown Atlanta, will oversee the Reynolds Plantation, which has about 3,600 property owners.
Reynolds Plantation and nearby communities bearing the Reynolds name were developed and managed by companies founded by noted businessman and Republican political heavyweight Mercer Reynolds and his family.
In February 2011, Reynolds, chairman of Linger Longer Development Co., notified members that the company's lenders were demanding repayment of debt and offered to sell the members the community's golf courses, marinas and other public areas for $45 million.
The members declined and in May of last year, a receiver was hired to operate the clubs and market the community and undeveloped land.
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