Showing posts from October 29, 2010

Daufuskie Island resort auction fails to produce a single bidder

By JOSH McCANN 843-706-8145 Published Thursday, October 21, 2010 19 Comments Email Article | Print Article | Feeds | | Search the Archive tool nameclose tool goes here The future of the bankrupt Daufuskie Island Resort & Breathe Spa remains unknownafter no one bid on the property, despitea standing-room-only crowd atan auction Thursday. Twelve potential bidders had pre-registered for the auction, but none presented the $1 million cashier's check necessary to participate, said trustee Robert C. Onorato, who is overseeing the bankruptcy. The minimum allowable bid was $16.5 million. "At this point, we have no bidders," Craig King, president of J.P. King Auction Co. of Gadsden, Ala., told the crowd gathered in a ballroom at the Hilton Head Marriott Resort & Spa. Auction organizers considered breaking the assets into groups and allowing secured creditors to claim them, but decided to wait for an already scheduled hearing