What happens when you build an economy on real estate:

The once-vaunted Sea Island Co. is awash in debt, badly behind on its loan payments and desperately trying to find a buyer for its five-star portfolio that once seemed immune to the economic whims that batter regular folk.

The company’s downward spiral is a stunning tale of over-borrowing and over-expansion that collided with the worst recession since World War II, a downturn that has pummeled the luxury resort market across the nation.

OK, so a big developer goes belly-up; who cares? Continue reading →