Under a pact expected Wednesday, funds managed by Oaktree Capital Management LP in Los Angeles and Avenue Capital Group in New York are paying $197 million for Sea Island, a stunningly cheap price for the 84-year old resort famed for its four golf courses, exclusive clubs and hosting such events as the 2004 Group of Eight summit. Despite its fame, it hit the wall financially when it couldn't repay the debt taken on by fourth-generation chief Bill Jones III to finance a large renovation.
actually the "renovation" included demolition of the original cloister (1928) --- junior wanted to make his mark
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