Sea Trail, the bankrupt golf community in Sunset Beach, North Carolina, has found its new owner.
It’s a Chinese investment group led by “a man known as Mr. Pan,” according to the Myrtle Beach Sun News. Pan’s Wealth Spring Industry LLC has reportedly agreed to pay $8.5 million for Sea Trail, a 2,000-acre spread that includes three 18-hole golf courses (designed by Rees Jones, Dan Maples and Willard Byrd), 1,300 houses, meeting space, 600 units of rental housing, a pair of clubhouses, an undisclosed number of unsold lots and roughly 190 acres’ worth of developable property.
“It’s Mr. Pan’s objective to create a first-class facility,” the property’s new CEO told the newspaper. “We sort of know where we want to take it. We’re going to come in and do some immediate upgrades, but nothing substantive until we go through a master-planning effort.”
The sale is expected to close next month.