I own a few shares of General Electric Corporation. Yesterday, the company's GE Capital division was the high bidder for the holdings of Larry Young of Myrtle Beach, SC, including the three golf courses at The Legends Resort and Heritage Golf Club in Pawleys Island.
According to the Myrtle Beach Sun News' Alan Blondin, the courses will continue to be managed by Dallas-based Century Golf Partners, which owns the Arnold Palmer Management Group. GE Capital hired Century to manage the courses in June after The Legends Group defaulted on GE loans totaling $52 million. In the foreclosure auction, GE bid $10 million for Heritage and $33.5 million for the Legends courses. All four are favorites among golfers visiting the Myrtle Beach area. The Legends foreclosure also included a long-term lease of the Oyster Bay Links in Sunset Beach, NC.
Tom Doak's Heathland course at The Legends is one of four that was purchased at auction yesterday by GE Capital. Photo courtesy of Elliot deBear.