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Sea Island sale pending

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ST. SIMONS ISLAND, Ga. – For the next four days the spotlight will be focused on Sea Island Resort’s Seaside Course, site of this week’s McGladrey Classic, but on Monday most people who live and work in the tony coastal community will be watching what happens at a bankruptcy auction in Atlanta.

In August Avenue Capital Group and Oaktree Capital Management LP made a $197.5 million bid for the resort’s four courses, two hotels, spa and beach club.

Starwood Capital Group and Anschutz Entertainment Group submitted an undisclosed competing bid on Oct. 4. Federal law requires the property go to the highest bidder to protect creditors.

“Somebody is going to get a diamond for a cheap price and polish it up,” said Davis Love III, a longtime Sea Island resident and the host of this week’s Fall Series event.

For residents and employees it will be a much-anticipated ending to a turbulent time in the resort’s history and the “chamber of commerce” weather for this week’s event doesn’t hurt either.

“It’s nice to have some good news for a change,” said one company executive who requested anonymity.