Edgefield estate to be put on the auction block [Bluffton SC]
A prime piece of real estate along Broad Creek on Hilton Head Island will be on the auction block next week with a price tag starting at $9.5 million.
A 16-acre parcel and a 27-unit unfinished condominium building at Edgewater on Broad Creek on Marshland Road are up for sale because the developer of the project has gone bankrupt.
Attempts in November to sell the bankrupt property on the real estate market for $13.5 million failed, said Alex Graham, a senior adviser with Sperry Van Ness Commercial Properties, which is selling the land.
Town records show that the development company, Broad Creek Edgewater LP, received a building permit in September 2005. Construction stopped in 2006, according to Sperry Van Ness. Edgewater filed for bankruptcy in May 2007.