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Jekyll Oceanfront Clarion Resort Sells for $4.7 million in Online Auction;
$7 million Less than Appraisal in June 2010

By Erika Capek, The Brunswick News, Ga.McClatchy-Tribune Regional News

March 11, 2011--In a last-seconds bidding war, the closed Jekyll Oceanfront Clarion Resort sold for more than $4.7 million Thursday through an online auction website.

The two-day auction for the 14.5 acre beachfront property on started with an opening bid of $1.8 million. The high bid, by a buyer that was not identified publicly, is nearly $7 million less than the $11.6 million at which the resort was appraised in June.

"It seemed to be a great price for that property," said Eric Garvey, spokesperson for the Jekyll Island Authority, which oversees the state-owned island. "I wouldn't have been surprised if it had been sold higher."

Previous owner Leslie Lurken abruptly shut down the 166-room and villas hotel in late January, citing a poor economy. Plans to convert a part of the complex to condominiums for sale and to tear down part of the building for a new hotel never came about.

Garvey said he's excited to see a new owner come in and take over the property that has been sitting idle for the past month and a half.

"I think it's great. I'm glad it sold," Garvey said. "I'm looking forward for a new owner to get that property turned around and be a part of revitalization on Jekyll Island."

Calls to a representative with the real estate firm Jones Lang LaSalle, which listed the motel for sale, were not immediately returned.


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Copyright (c) 2011, The Brunswick News, Ga.

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