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The Loop

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

October 11, 2010

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.

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.

--Matty G.