Mortgage holder buys abandoned Myrtle Beach amusement park


    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.

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    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.)