1,485-Acre Site of Planned Luxury Golf Resort to Be Auctioned Off
Stonehill Pines LLC, a Florida-based resort development firm and Stonehill Capital Group affiliate, is auctioning off 1,485 acres it acquired in 2008. The assemblage of land is just five miles from Pinehurst Resort, home of the women's 2014 US Open Golf Championships and the men's 2024 US Open. Bidding will start at $4k/acre, or $5.9M for the whole assemblage, Triangle Business Journal reports. Stonehill purchased the property for $19.7M, or $13,662/acre. The owner initially planned to build a 250-room hotel and golf resort with two golf courses, a 20k SF spa, driving range, clubhouse, amphitheater, 14k SF conference center and 1,050 residential units. However, the dissolving partnership felt that an auction is the most efficient way to sell off the property. The online auction will be held on Sept. 10. [TBJ]
