Buyer Found for Reynolds Plantation
MetLife has agreed to purchase the Ritz-Carlton Lodge, six golf courses, clubhouses, four marinas and about 5,000 acres of undeveloped property. Daniel Corporation will oversee day-to-day operations.
Palm Coast, FL – May 10, 2012 – GoToby.com has learned that Reynolds Plantation’s 3,600 property owners were notified yesterday that MetLife has entered into an agreement to purchase Reynolds Plantation. The purchase, expected to close this summer, will include the Ritz-Carlton Lodge, six golf courses, clubhouses, four marinas and about 5,000 acres of undeveloped property. Daniel Corporation, a Birmingham-based development company, will oversee day-to-day operations. The announcement was made jointly by MetLife Real Estate Investments, Daniel Corp. and the Court-Appointed Receiver.
In May of 2011, Reynolds offered the club facilities to members for $45 million. The sale would have allowed Reynolds to satisfy the company’s lenders’ demand for debt repayment. Members turned down the offer. Subsequently, a bank-appointed receiver was hired to operate the clubs and market the property.
Reynolds Plantation is on Lake Oconee, about 80 miles east of Atlanta. Terms of the sale were not disclosed.
Leave a Reply
Want to join the discussion?Feel free to contribute!