This Daufuskie Island resort is out of bankruptcy. But what’s next?

The Melrose Resort on Daufuskie Island had its latest bankruptcy filing dismissed last month, according to court documents, and a lawyer involved in the process says the property could now be sold again.

The resort’s owners filed for bankruptcy in March 2017 and the case officially closed April 5, according to documents filed with South Carolina Bankruptcy Court. The motion for dismissal was made because it was in the “best interests” of the creditors and the estate, court documents said.

The resort, off Hilton Head Island and accessible only by boat, was bought in 2011 by the Utah-based firm the Pelorus Group. The group filed for Chapter 11 protection in March 2017 and stalled an impending foreclosure sale. Before filing, ownership was transferred to affiliated companies also headquartered in Utah.

Columbia-based attorney Rick Mendoza was involved with that bankruptcy and the initial one, which was filed in 2009.

The Utah-based owners attempted to sell the property in July for $19 million — a price dictated by the resort’s main creditor. No qualified bidders emerged, and that creditor, Odeon Singapore Limited, took possession of the nearly 400-acre property in August.

Odeon Singapore Limited invested roughly $27.5 million in the resort, according to previous reporting by The Island Packet and The Beaufort Gazette.

Odeon Singapore Limited is an affiliate of Netherlands-based Lex van Hessen Holding BV. Lex van Hessen’s main business is the production and distribution of natural sausage casings, according to its website.

Attempts to reach Lex van Hessen Tuesday were unsuccessful.

Menodoza said the dismissal means all of the assets belong to Odeon Singapore Limited. He speculates the company will now try to sell the property.

“I would be very surprised if they weren’t looking to sell it,” Mendoza said. “I hope someone’s able to do something positive with the property.”

The resort was developed in the 1980s, and includes an inn, a Jack Nicklaus golf course and rental cottages.

This story was originally published April 10, 2018 at 12:38 PM with the headline "This Daufuskie Island resort is out of bankruptcy. But what’s next?."