Arthur Herbert Lachicotte, Jr.—known to all as “Doc”, along with the late Wilson Baker “Teedie” Springs (among others) founded the Ponderosa Group a generation ago.
The Ponderosa group, (a collection of Doc ’s cousins and friends), did business together since the 1960s founding this restaurant group that also leased the land at PirateLand Campground.
John Springs is now C.E.O. of the Ponderosa Group.
The Lewis family privately owned 82.67 acres of the land leased to the Ponderosa Group at PirateLand Camping Resort.
Another 64 acres at PirateLand was leased to the Ponderosa Group by the City of Myrtle Beach.
Last week the Lewis Family chose to sell its 82.67 acres for $77 million per Horry County records.
MHC PIRATELAND RV LLC located at 2 N Riverside Plaza #800 Chicago, IL 60606 is a newly formed LLC incorporated to purchase the land.
The parent company of MHC PIRATELAND RV LLC is Equity Lifestyle Properties.
The latest financials published by Equity Lifestyle Properties state they paid $110 million total investment for their portion of the campground.
Sources close to Equity Lifestyle Properties have informed us a letter was sent to the Ponderosa Group stating that the lease would be discontinued.
HOW DO YOU RUN HALF OF A CAMPGROUND?
Is it financially feasible for the Ponderosa Group to continue operating a campground, when more than half the property will no longer be available to them?
WHY NOT SELL THE OTHER HALF?
The City of Myrtle Beach is promising to sell nearly 64 acres of PirateLand Campground to the Ponderosa Group for only $26 million.
The city’s promise, however, has been put on hold because of a lawsuit from Horry County. The city’s portion of the land was given to it by the federal government on condition that the lease monies paid to the city would be used to support the Myrtle Beach airport.
Once that lawsuit is settled, it may be possible for the city to hand over the 64 acres to the Ponderosa Group.
Being 82 acres short, however, why would the Ponderosa Group simply not choose to sell their newly acquired 64 acres to Equity Lifestyle Properties also? At par, the sale price would come in at around $85 million.
With that sale, the Ponderosa Group could earn a quick $59 million thanks to the generosity of the folks at Myrtle Beach City Council and Mayor Brenda Bethune.