A Saudi prince who owns one of South Carolina's last unspoiled barrier islands is selling the land to help pay $21-million in debts. Yamamah Ltd., a company owned by Prince Faisal Mohamed Saud Kabir, 46, a nephew of Saudi Arabian King Fahd, filed for bankruptcy last November.
The company listed $21-million in debts that piled up during a buying spree over several years. Creditors include an investment group that loaned the prince nearly $12-million, the News and Courier of Charleston reported this week.
The prince bought Bay Point Island for $3.5-million in 1984 with plans to build a secluded hideaway there. The island, which consists of about 185 acres of developable land and 1,100 acres of salt marsh, is accessible only by boat.
Under a U.S. Bankruptcy Court accord, Beaufort real estate agent Henry Chambers has a year to sell the island. The asking price is the 1984 selling price: $3.5-million.