Sea Island Auction Looms As Tour Event Is Played Before Invisible Gallery

One reader likened it to a "club invitational-sized" crowd for the McGladrey Classic. I thought that was kind. But they certainly do seem to be sticking to their 7500-a-day gallery limit!

Meanwhile, Monday is auction day for Sea Island, as J. Scott Trubey reports. Just all around good vibes!

After two years of doubt, a measure of clarity should come Monday for Sea Island in the form of a bankruptcy auction.

The remaining assets of the bankrupt Sea Island Co. — the five-star Cloister and Lodge hotels and four celebrated golf courses among them— will be sold to the highest bidder at the headquarters of Atlanta law firm King & Spalding.

Walter Driver's old stomping grounds where diversity makes for prime Awkward Family Photos material!

But an auction is required by bankruptcy law, and a competing group of bidders has brought drama to a community known more for tranquil marshes, elegant hotels and plush service.

“We’ll be holding our breaths on Monday,” said Jane Fraser, a Sea Island member and resident.

The partnership of Oaktree Capital Management and Avenue Capital Group won a lengthy bid process to acquire the storied resort for $197.5 million. Its offer, known as a “stalking horse bid,” is said to honor Sea Island memberships, keep Sea Island’s 1,400 employees and retain Sea Island Co. scion A.W. “Bill” Jones III as chairman and CEO.

A competing team made up of Starwood Capital and Anschutz Entertainment is also cleared to bid at Monday’s auction.