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Bank South bids $12 million for resort. (Seabrook Island Ocean Club Inc.)
Bank South bids $12 million for resort
Bank South Corp. has made an $11.5 million bid for a bankrupt South Carolina resort that defaulted on four Bank South loans.
Bank South's bid for the Seabrook Island Ocean Club Inc. on Nov. 2 was part of a foreclosure auction held on the courthouse steps in Charleston, S.C. Bank South confirms it was the sole bidder for the property.
Seabrook Island Ocean Club, along South Carolina's barrier island resort community, includes two golf courses, a tennis center and an equestrian center. The resort was closed in October after filing for bankruptcy.
Bank South lent the resort about $11 million through four …
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