MERCEDES-BENZ on Hilton Head Serving Hilton Head for Over 20 Years 355 WM. Parkway • Hilton Head Island, SC 29926 (843) 681-8500 • (843) 681-6660 fax • (843) 298-2487 cell Coggin_HiltonHead@MBRetailer.com in the industry, Charles persevered,” Mary said. “He changed so many lives for the better.” In 1986, Sea Pines declared involuntary bankruptcy. However, it emerged just one year later, better and stronger for the most part. John Curry was appointed as trustee and John West as legal advisor. Company assets were sold off and Sea Pines residents formed Sea Pines Associates, a publicly held company, to own the existing resort properties. Community Services Associates, which had been formed to own all common property, including roads and open space, was officially dedicated out of the bankruptcy as a viable, independent entity. As the company struggled, the future of the Heritage golf tournament also was uncertain. In 1987, however, the tournament and golf course were saved with the creation of the Heritage Classic Foundation. The same yearSea Pines Associates brought together all of the resort community except for South Beach. The formation of Sea Pines Associates was the important next step in taking Sea Pines where it needed to go, convincing the community and financial world that it would be able to stand on its feet once again. It also made improvements to Harbour Town and other recreational facilities. Only three years ago, Sea Pines Associates board members, after accomplishing what they set out to do, announced their intent to sell the resort, but only a person or entity who would be a good steward and who would carry on Fraser’s original intent for the community. They also insisted that potential buyers be of sound financial standing. During Sea Pines’ publicly held years, several people purchased large blocks of stock, including Bill Goodwin of The Riverstone Group. In March 2005, the Riverstone Group purchased Sea Pines. In one of the few times in its history, Sea Pines is now in good financial standing. Its future looks bright. For Charles and Mary Fraser, Sea Pines was “really a love effort. We lived it,” Mary said. She recalls that shortly before his death, the couple was driving through Sea Pines one afternoon. “He looked at me and said, ‘You know, the road system in here really works.’” 14 SeaPines50thAnniversary.com | SeaPinesHomesAndVillas.com
RkJQdWJsaXNoZXIy MjcyNTM1