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For Immediate Release

MCCORMICK, SOUTH CAROLINA – The Savannah Lakes Village Property Owners Association (SLV) issued a statement this week that they are extremely pleased to confirm that their principal development partner, SLV Property Holdings, LLC (SLVP), has purchased at auction more than 500 acres of both developed and undeveloped properties located within the master plan of the community.

The auction was conducted Wednesday, April 4 at Hickory Knob State Park, adjacent to SLV, and included the sale of the resort peninsula and approximately 537 undeveloped acres of land bordering the village. The resort properties, formerly owned by Eight Acre, LLC and the Lodge Group, LLC — including a lodge, convention center and restaurant — had been closed for several years. SLV President Ray Tarnosky and General Manager/Chief Operating Officer Kirk Smith said the renovation and redevelopment of these properties would benefit SLV residents and McCormick County, and it will substantially increase the attractiveness of SLV as one of the finest residential communities and tourist destinations in the Southeast.

The successful bid for the resort peninsula properties totaled $1.5 million, and the bid for the 10 undeveloped properties sold was $835,000. Adding a 10 percent buyer’s premium to the price brought the total to $2,568,500.

The purchase of the auctioned properties complemented SLVP’s agreements on Tuesday, April 3, to acquire more than 2,000 home sites within Savannah Lakes Village. Tarnosky and Smith stated that very fortuitous circumstances created the opportunity to expeditiously acquire the home sites, resort facilities and undeveloped tracts of land by their development partner. They noted that they were also very fortunate to be able to work with the two principal partners of SLVP, Robert Bradley and James Walsh, in assisting them in their tireless and concerted efforts to bring these deals to fruition.

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