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The Daufuskie Island Resort & Breathe Spa is taking out a $1 million loan to help it pay debts and bills, as well as re-open some of its assets. The trustee overseeing the resort’s bankruptcy has said the loan will make it a more attractive commodity to potentia buyers.
Most of the loan money will be used to pay off debts, but a portion will be used to re-open some facilities, such as the Melrose Golf Course. The course, which is being managed by CGL of Savannah, was opened May 11 for the course’s homeowners, members and guests, and other Daufuskie Island residents. CGL, which is an affiliate of The Club Group Ltd. of Hilton Head Island, is hoping to bring public play to the course as soon as possible.
Other assets of the resort include the Bloody Point Golf Course, Melrose Landing and ferry operations.
The resort was built by the Melrose Co. in the 1980s. The resort owner, Daufuskie Island Properties, filed for bankruptcy bankruptcy in January. The bankruptcy filing
shows more than $88 million in liabilities.
