MYRTLE BEACH, SC (AP) — The company that holds the mortgage on an abandoned theme park in Myrtle Beach has purchased it out of foreclosure.
FPI US LLC this week made a credit bid of $7 million for the old Freestyle Music Park, which has been closed for two years.
An attorney for the company, David Slough, says the company hopes to reopen the park next year. Slough says the company hopes to find a partner to manage and operate the park, or find a buyer who will reopen it.
The park was built for $400 million and opened in 2008. It filed for bankruptcy later that year.
A group of investors bought it for $25 million and reopened it in 2009. That effort also failed as tourism dropped sharply in the Great Recession.
(Copyright 2011 by The Associated Press. All Rights Reserved.)