GE highest bidder for Legends Group courses

CONWAY -- Lienholder General Electric Capital Corp. was the highest bidder in foreclosure sales Monday for the four Grand Strand golf courses formerly owned by Legends Group, which likely means few changes for the courses.
GE is expected to retain Century Golf Partners to manage Heritage Club in Pawleys Island and the Heathland, Moorland and Parkland courses at Legends Resort in Myrtle Beach.
The Dallas-based company has been managing the layouts since June 1 after GE foreclosed on the them from the Young family's Legends Group. Century Golf owns Arnold Palmer Golf Management and operates numerous golf clubs throughout the U.S.
``We clearly are excited to be in the market,'' said Century Golf Partners Regional Manager Jon Whittemore. ``We're obviously looking to play a role in Myrtle Beach long-term.''
GE bid $10 million for Heritage Club at a foreclosure sale in Georgetown, and $33.5 million for the three Legends Resort courses at a separate sale in Conway. If the bids aren't bettered by another party in the next 30 days, GE retains ownership and Century Golf will remain in place as the management company, Whittemore said.
Court documents show GE is owed more than $52 million by Legends Group for the four courses and a lease to manage Oyster Bay Golf Links in Sunset Beach, N.C., through 2032.
GE purchased the Oyster Bay lease through a foreclosure sale in Brunswick County on June 25, and Whittemore said a 10-day waiting period for other offers has expired and Century Golf Partners has officially been hired as the course's management company.
Century Golf has retained most if not all former Legends Group employees at the five courses, according to Larry Woodberry, the courses' director of operations.

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GE highest bidder for Legends Group courses, thanks for all your hard work, you're now being sold to the highest bidder.