BEAUFORT - A developer is offering $4 million for part of the Port Royal property owned by the South Carolina Ports Authority.

The Beaufort Gazette reports (http://bit.ly/1nYQWd0) developer Dick Stewart submitted his offer for a third of the property to the authority Thursday. Stewart says the price is based on the full appraisal price.

Ports Authority spokeswoman Erin Dhand confirms the offer has been received and said it will be evaluated.

A decade ago, the General Assembly ordered the Ports Authority to sell the 317-acre property where it once ran a small port. Several development deals have fallen through.

Gov. Nikki Haley recently signed legislation forcing the sale of the property at auction unless it is sold by the end of next June.