Sep
30

Budget Board Approves $16.8M Port Royal Sale to Charleston-Based Developer

By
– The Post and Courier

Five years on the market and one previously failed sale later, the State Ports Authority on Wednesday received the authorization it needed to unload 50 acres it owns in Port Royal.

The state Budget and Control Board approved the land sale to Charleston-based developer Ben Gramling for $16.8 million. The Beaufort County deal passed in a 3-2 vote after considerable discussion.

Gov. Mark Sanford and Richard Eckstrom, the state’s comptroller general, voted against the deal.

Gramling’s bid came in nearly $10 million below a previous offer, a deal that unraveled more than two years ago as the real estate market soured. But his offer still hovered above the appraised value, reduced to between $15.6 million and $16.3 million in late 2009.

ARTICLE SHORTENED DUE TO LENGTH….

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