- Associated Press - Monday, April 20, 2015

PORT ROYAL, S.C. (AP) - Still another attempt by the South Carolina Ports Authority to sell its old port of Port Royal in Beaufort County has fallen through.

The Island Packet of Hilton Head reports (https://bit.ly/1bk79p6 ) the Ports Authority board had approved a $15 million deal last year to sell the port to Furman Investment Advisory Services of Greenville.

But the company says there is not enough time to work out the details for the purchase before the contract expires. It was the fourth failed attempt to sell the small port.

Authority spokesman Erin Dhand said the contract with The Furman Co. was terminated “despite the good efforts of the proposed purchaser” and because the contract would expire with requirements incomplete.

Dhand said the agency will immediately entertain new offers.

The property was once the site of a small port that began operation in 1958. The property has sat vacant for a decade and the General Assembly ordered it sold in 2006. The old terminal comprises 317 acres. The previous asking price, based on an appraisal in 2013, was $22.5 million.

Gov. Nikki Haley signed legislation last year requiring that the property be auctioned for no less than 80 percent of the appraised value if it remains unsold by June 30. If a sale is pending, the Ports Authority would have an additional 90 days to close a deal.

Before the tentative agreement with the Furman group, three other developers had expressed interest in buying all or some of the port property.

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