[Previous entry: "A Mother’s nightmare - Brother Charged With Murder In Death Of Brother"] [Next entry: "Turtleback Management Plan Nears Completion"]

09/30/2008: "New Owner: Rosario To Stay A Resort - Purchased For $5.7+M -"

4:45 p.m. Rosario Resort staff will not release information, but early reports are that Rosario resort was sold to a Washington developer with an interest and experience in marinas. The resort currently has a 34-slip marina and an additional 28 offshore moorings.

The name of the new owner is not being released at this time, but the Island Guardian has been told he will follow the Master Plan that was approved by the County.

The County Council has expressed concerns about the potential loss of tax revenue if a new owner was to shut down the resort and concentrate only on the sale of the land for residential development.

The historic resort includes 10 buildings with 131 rooms on 74 acres, plus a conference center, restaurants, a museum and, of course, spa. The approved Master Plan will -among other things- allow the new owner to build 134 luxury vacation condos. The Moran Mansion is the centerpiece of the resort was constructed in the early years of 1900, and under the approved plan will be restored as a part of the master development plan.

There were 10 bidders, limited to those who had to presented a check for a refundable $250,000 to gain the right to make a bid.

Additional information -and corrections if any- will be posted as information is released.