PINE MOUNTAIN, Ga. — Callaway Gardens plans to sell nearly a third of its property to settle heavy debt resulting from declining attendance and projects that have drained revenues in recent years, and says a prospective buyer is waiting in the wings.
Edward Callaway, chief executive officer and chairman of the Ida Cason Callaway Foundation, says resort operations have been suffering for a long time. The Columbus Ledger-Enquirer reports (http://bit.ly/Jpf4SX) the resort once attracted 1 million visitors per year, but attendance was down to 395,000 last summer.
The 13,000-acre resort turns 60 on Monday.
Callaway would not disclose who is buying the 4,000 acres. If the property’s sale goes through and a planned fundraising campaign is successful, the foundation wants to refurbish the park’s buildings and roads and turn it into a year-round attraction.