Leisure Investment Properties Group Sells Sea Trail Golf Resort & Convention Center

by / Wednesday, 15 October 2014 / Published in In the News

Sunset Beach, NC – The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sea Trail Golf Resort & Convention Center, an award winning 54-hole championship golf course resort located in Sunset Beach, North Carolina, according to Steven Ekovich, Managing Director of the firm’s National Golf & Resort Properties Group based in Tampa, Florida.

Steve Ekovich, the lead agent on the asset sale, represented the seller, Sea Trail Corporation through a court ordered bankruptcy sale. In addition, Ekovich facilitated the buyer in the acquisition. Ekovich stated that “we have marketed this property for just over a year and after an exhaustive international search for the right buyer for this resort we found a buyer who is the right fit for the asset, but was not from the US. This property had a storied history in North Myrtle Beach and had fallen on hard times when the patriarch of the family, who developed the property passed away. The property languished after the market meltdown with no direction, vision or cap-ex. The three participating banks that took over the asset hired a restructuring officer to sell the property. He interned hired the National Golf & Resort Properties Group.

Ekovich noted that when he first went to see the property, he was awe struck by the sheer size of the asset. The asset encompassed 2000 acres, three golf courses, contained single family and condo properties, multiple clubhouses and activity centers, HOA facilities, a 48,000 square foot convention center and 190 acres of land. The second noticeable trait of Sea Trail was the condition. It was in bad need of cap-ex everywhere. When I went into one of the clubhouses, they had not one shred of merchandise, no shirts, balls, tees, nothing but empty clothing racks looking like a forlorn antlered deer who were frozen in time. If that wasn’t bad enough, the asset was located in the Bermuda Triangle of golf, where most buyers would not enter the market as they were afraid of the over -built Myrtle Beach market and where special management talent is needed to compete in a golf packaging market. No transactions for golf properties had traded since the Legions traded almost three years ago, and most industry pundits were saying, “no one will buy in Myrtle Beach”.

The survey took three months which included hundreds of attorney and title company hours to sort through title issues, encroachments, survey lines drawn incorrectly, easements, master declaration issues, drainage issues and the like. We went under contract the first time and the buyer lost his equity. We then convinced the bankruptcy court and the three secured creditors, the best way to protect the down side of the banks was to go through a “stalking horse” sale. The stalking horse sale is unique in the US bankruptcy code as it allows a secured creditor to protect their down side will retaining the upside according to Ekovich. “Very few brokers if any have experience in a stalking horse process. As an individual who has brokered and been involved in $3.5B of investment real estate transactions, I had been through the stalking horse process, consequently, I thought that process would net the banks the best net proceeds.  Ekovich explained that the auction sale resulted in an $8,500,000 purchase price, an additional $2.5M over the stalking horse bidder.  The auction was awarded to Wealth Springs Industry, LLC, a North Carolina company whose chairman Mr. Pan is a successful developer from China.”

Ekovich went on to say that “the marketing and sale process was a complex endeavor that could not have been successfully completed without the untiring effort of Matt Smith, with The Finley Group in Charlotte, NC, who served as the court appointed chief liquidation officer.  In addition, Greg Christovich and Bill Shiles, of Christovich & Associates in Oviedo, FL, did a tremendous job overseeing the day to day operations of the resort since the bankruptcy was first filed.”  Looking forward, Ekovich stated “I believe the buyer’s plans for Sea Trail will be good for the community, the employees of the resort, the homeowners and the condominium associations. All those with a vested interest in Sea Trail are excited about the buyer we brought to the resort and can’t wait until Sea Trail is once again transformed into a world class resort.

Sea Trail Golf Resort & Convention Center, located just two miles from the Atlantic Ocean and only 15 minutes from the tourist mecca Myrtle Beach, is a 2,000-acre master planned resort community that is home to over 700 single-family and 600 multifamily residences.  Included in the sale is the community’s centerpiece 54-hole Golf Resort & Convention Center, comprised of three of the Grand Strand’s finest, award-winning golf courses, two full-service clubhouses with both fine and casual dining, tennis, fitness, swimming, over 48,000 sq.ft. of the area’s pre-eminent banquet and meeting space, 46 fully-developed retail lots and approximately 190 acres of developable land that is ideal for multifamily residential expansion, though hospitality development is an alternative.

#     #     #


With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.



Atlanta · Austin · Birmingham · Boise · Boston · Brooklyn · Charleston · Charlotte · Charlotte Uptown · Chicago Downtown ·

Chicago Oak Brook · Chicago O’Hare · Cincinnati · Cleveland · Columbia · Columbus · Dallas · Denver · Detroit · Encino · Fort Lauderdale · Fort Worth · Houston · Indianapolis · Iowa · Jackson · Jacksonville · Kansas City · Lafayette · Las Vegas · Little Rock · Long Beach · Los Angeles · Louisville · Manhattan · Memphis · Miami · Milwaukee · Minneapolis · Nashville · New Haven · New Jersey · New Mexico · Newport Beach · Oakland · Oklahoma City · Omaha · Ontario · Orlando · Palo Alto · Philadelphia · Phoenix · Pittsburgh · Portland · Providence · Raleigh · Reno · Sacramento · Salt Lake City · San Antonio · San Diego · San Francisco · St. Louis · Seattle · Southern Virginia · Tampa · Tucson · Tulsa ·

Vero Beach · Washington, D.C. · West Los Angeles · White Plains

19 Responses to “Leisure Investment Properties Group Sells Sea Trail Golf Resort & Convention Center”

  1. I got this website from my buddy who told me on the
    topic of this site and at the moment this time I am visiting this web site and reading very informative articles or reviews at
    this time.

  2. Your style is very unique in comparison to other people I have read stuff
    from. Many thanks for posting when you have the opportunity,
    Guess I will just book mark this site.

  3. Please forgive my bad English.Wow, wonderful blog format! How lengthy have you been blogging for? you made running a blog glance easy. The total glance of your web site is great, as neatly as the content material!

  4. Madeleine says :

    What’s Happening i am new to this, I stumbled upon this I’ve discovered It positively helpful and it has aided me out loads.
    I hope to contribute & assist different customers like its aided me.

    Good job.

  5. Sorry for my English.Somebody essentially lend a hand to make significantly articles I would state. That is the very first time I frequented your website page and up to now? I amazed with the analysis you made to create this particular publish extraordinary. Fantastic activity!

  6. Porfirio says :

    Hi! This is my first visit to your blog! We are a collection of volunteers and starting a new initiative in a community in the same niche. Your blog provided us valuable information to work on. You have done a wonderful job!

  7. I believe that is among the most vital info for me. And i am happy studying your article. However want to commentary on some basic things, The website taste is great, the articles is really excellent : D. Excellent activity, cheers

  8. Vada says :

    Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how can we communicate?

  9. Brigette says :

    An exciting discussion is worth comment. I think that you simply really should write far more on this subject, it could possibly not be a taboo subject but commonly men and women aren’t enough to speak on such topics. Towards the next. Cheers

  10. Rubi says :

    Thanks for the auspicious writeup. It actually was a leisure account it. Glance complex to far brought agreeable from you! However, how could we be in contact?

  11. I am extremely impressed with your writing skills and also with the format on your weblog. Is that this a paid subject matter or did you modify it your self? Anyway stay up the excellent high quality writing, it’s rare to peer a nice blog like this one these days..

  12. Hi, i feel that i noticed you visited my site so i got here to “return the want”.I’m attempting to in finding issues to enhance my site!I guess its good enough to use some of your concepts!!

  13. Harold says :

    I do agree with all of the concepts you’ve introduced to your post. They’re very convincing and will definitely work. Still, the posts are too short for novices. May you please extend them a bit from next time? Thank you for the post.

  14. Myles says :

    Hi, Neat post. There’s an issue together with your website in web explorer, might test this… IE still is the marketplace leader and a huge component of people will omit your excellent writing because of this problem.

  15. Elliott says :

    Great website. Lots of useful information here. I’m sending it to several friends ans also sharing in delicious. And naturally, thanks for your effort!

  16. rest says :

    This post gives clear idea for the new visitors of blogging, that genuinely how to do blogging.

  17. I simply want to tell you that I am just very new to blogs and absolutely savored your blog. More than likely I’m going to bookmark your blog post . You surely have superb writings. Kudos for sharing with us your blog.

  18. Hey there could you inform me which blog platform you’re working with? I am seeking to do my very own website on garageband windows free in the future although I am having a tough time deciding.

  19. twerk says :

    TWERKNIQUE classes are held as and when required and concentrate
    solely on perfecting your twerk approach or finding
    out a distinct ability like Handstand Twerking!

Leave a Reply