One of Sea Islands four owners has bought out the others. The Anschutz family, led by billionaire Philip Anschutz, bought out Oaktree Capital Management of Los Angeles, Capital Avenue Group of New York and Starwood Capital Group of Greenwich, Conn.
The foursome had joined forces in October 2010 to acquire the iconic property for $212 million when it was in bankruptcy.
According to executives with Anschutz family businesses, Sea Island, which hosted the 2004 G-8 Summit, complements the family’s previous acquisition of The Broadmoor, another iconic Forbes Five-Star independent resort located in Colorado Springs, Colo.
Company President Scott Steilen told the Florida Times Union that the new ownership arrangement is “the best possible scenario for the future of Sea Island — for our residents and club members, our team members, our guests, and for the Golden Isles Community as a whole.”
“Being solely owned by the Anschutz family will once again bring a level of stability, continuity and long term commitment to ownership to Sea Island,’’ he said.
Beside their two trophy resorts, the Anschutz family has a wide variety of other business interests, including ownership of professional sports teams, sports and entertainment venues, movie theaters and hospitality enterprises that operate in America’s national parks.
The acquisition gives the Anschutz family control of three championship golf courses and a multitude of amenities including five miles of private beach, a beach club, tennis and squash centers, yacht club and shooting school. The ownership group had invested heavily in recent years to upgrading the property, including renovations on the golf courses and new clubhouses.