Another try to sell the former Port Royal port terminal has fallen through. Now, state law requires the property be put up for auction.
The Beaufort Gazette reports the high cost of part of the property and questions about an insurance settlement kept the sale from closing last week. The contract had until Dec. 31 to close.
The development group Palmetto Alliance had offered the State Ports Authority $15.4 million for the property last June. It was the fifth failed effort to sell the 317-acre tract. The former port closed in 2004 and has been vacant ever since.
A 2014 state law required the property be sold at auction if a buyer could not be found by June 30. The auction was delayed while the Ports Authority worked out a deal with Palmetto Alliance. Now that the deal has collapsed, the property will head to the auction. The law requires the winning bid to be at least 80 percent of the site’s appraised value.
The property will also be turned over to the state General Services Division after 11 years under the Ports Authority. The state’s real property and maintenance agency will now handle any future negotiations around the site.