Courses & TravelOctober 11, 2010

Sea Island: Sold! (Again. Sort Of.) For $212.4 Million

After a six-hour chess match, both players reached across the board and shook on a draw.

But wait, the sale isn't official--yet--it still needs two sets of approvals, which means this will drag out until Nov. 4.

This according to the Atlanta-Journal Consitution:

The two competing investor groups looking to buy Georgia's iconic Sea Island resort spent most of Monday battling each other in a bankruptcy auction before coming together on a joint bid to buy the tony coastal retreat.

At nearly 10 p.m., Monday, a coalition of Oaktree Capital Management, Avenue Capital Group, Starwood Capital and Anschutz Entertainment announced a joint bid to acquire the beleaguered Sea Island Co.-- including its luxurious Cloister and Lodge hotels and four golf courses -- for $212.4 million.

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--Matty G.

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