The Sea Island Co. said Tuesday that one of its four private investor owners will take over sole control of the tony coastal Georgia resort.
In a news release, the company said the Anschutz family will take over ownership of the resort company in Glynn County. Terms of the deal were not immediately known, though the company said operations would not be affected by the transaction.
“We are extremely excited about this news and believe that this is the best possible scenario for the future of Sea Island – for our residents and club members, our team members, our guests, and for the Golden Isles community as a whole” Sea Island President Scott Steilen said in the release. “Being solely owned by the Anschutz family will once again bring a level of stability, continuity, and long term commitment of ownership to Sea Island.”
A request for an interview was not immediately returned.
The storied Sea Island resort went into bankruptcy in 2010 after an ill-timed pre-recession expansion turned what was already an exclusive seaside resort into one of the nation's most luxurious enclaves. In October 2010, a coalition of Oaktree Capital Management, Avenue Capital Group, Starwood Capital and Anschutz Corp. announced a joint bid to acquire the beleaguered resort company — including its luxurious Cloister and Lodge hotels and four golf courses —- for $212.4 million.
Before the sale, the Jones family had control of the property for more than 80 years.
The Anschutz family also controls Colorado’s Broadmoor resort.
More as this story develops…
