Group submits offer to buy Spirit of South Carolina

A local nonprofit group today submitted an offer to buy the Spirit of South Carolina tall ship, but its current owner says the bid falls well short of the $2.9 million asking price.

The 140-foot wooden schooner, owned by the S.C. Maritime Foundation, officially went on the market Tuesday. The foundation is trying to sell the ship to pay more than $2 million in overdue bank loans and rent obligations.

Charlie Sneed, one of the Spirit's founding fathers, is now representing SC Green Foundation, a tax-exempt, educational organization that wants to buy the tall ship and keep it in Charleston. Sneed confirmed the group made an offer to the Maritime Foundation today, but he would not disclose the amount that was offered.

"We did want the community to know we are making an effort to keep the boat here," he said. "It's quite a challenging situation, we thought we would make an offer and try to get some movement going."

Elizabeth L. Boineau, the Maritime Foundation's marketing and public relations consultant, said SC Green's offer is the first the foundation has received. She would not disclose the amount of the bid, but said it doesn't appear to be sufficient.

"Any and all offers are legitimately met with enthusiasm and excitement in hope the tall ship will remain here," she said. "But this one is not significant enough to pay off what is a $2.2 million note. They have to come closer to the amount of the loan and, ideally, the asking price to make all of the players whole."

The foundation has enlisted the aid of Maine-based boat brokers Cannell, Payne & Page to sell the Spirit. TD Bank, which holds the note on the boat, will likely have a significant say in which offers are considered viable, Boineau said.

Sneed's group plans to press ahead with its efforts to raise cash. A long-term funding plan is being developed, he said, and SC Green is seeking individual donations, corporate sponsors and grants.

"She's a beautiful boat," he said. "It's just painful to think of what would happen if she left."

Anyone wishing to help keep the Spirit in Charleston can contact Sneed at spiritschooner@gmail.com or call 860-0999.

Reach Glenn Smith at 937-5556 or on Twitter at @glennsmith5.