MetLife has reached an agreement to purchase Reynolds Plantation , the luxury home and golf community about 70 miles east of Atlanta.
The acquisition will include The Ritz-Carlton Lodge, six championship golf courses, four full-service marinas and nearly 5,000 acres of undeveloped golf and waterfront property, MetLife said.
The transaction is expected to close during the summer. Terms were not disclosed.
Atlanta Business Chronicle reported April 25 that Daniel Corp. had emerged as the buyer of Reynolds Plantation. Reynolds Plantation on Lake Oconee has been in receivership.Linger Longer Development Co. developed the luxury Reynolds Plantation, which faltered amid the poor economy.
Residents Reject Plan
The Reynolds family had tried to save the resort, built on 90 miles of Lake Oconee shoreline and featuring almost 5,000 acres (2,000 hectares) of undeveloped land, by convincing 3,600 homeowners to purchase the golf courses, clubhouses and other facilities. The residents rejected the plan.
Daniel Corp. has developed and managed similar residential golf resorts, including Ross Bridgeand Grand River in Birmingham, and mixed-use developments such as 12th & Midtown in Atlanta and Riverside on the James in Richmond, Virginia, according to the company’s website.
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