FDIC: Garvey Hall tract sold for $825K

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FDIC: Garvey Hall tract sold for $825K

Published Wednesday, February 27, 2013   |  388 Words  |  

An Atlanta group that's agreed to sell much of the Garvey Hall property to Beaufort County for land preservation paid $825,000 for the 87-acre tract late last month, according to the Federal Deposit Insurance Corp.

That's nearly $320,000 less than the $1,143,000 the county is paying for 82 acres of the parcel, which is located along S.C. 170 in Bluffton near the Jasper County line.

Money for the purchase comes from the county's Rural and Critical Lands preservation program.

FDIC spokeswoman LaJuan Williams-Young said Wednesday that Wooddall Holdings, of Atlanta, bid $825,000 for the land. She said the sale for that amount closed on Jan. 24.

The FDIC originally acquired the land from a foreclosure auction.

County officials said this week they weren't sure how much the group paid the FDIC for the land.

Although the county announced in December that it was buying the entire 87-acre Garvey Hall parcel from the FDIC, the sale fell through when Wooddall Holdings offered a higher bid.

Beaufort County offered $785,000 for the parcel.

The deal was revived recently after the county began negotiations with Wooddall Holdings. The county had began similar talks with the group last fall when it believed it already owned the land.

The county will be buying 82 acres of the parcel, leaving Wooddall Holdings with about five acres that could ultimately be used for a park-related business such as kayak or bike rentals. Various restrictions on the land will prevent the company from building homes or operating large-scale businesses such as gas stations on the site.

County officials are optimistic the $1.1 million land deal will close this week.

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