Costner making films, not buying houses here

Mic Smith
The Post and Courier

Kevin Costner performs original material with Modern West recently at the Music Farm. Costner, who had been shooting 'The New Daughter' in McClellanville, was spotted around local watering holes.

They are building it, but apparently it won't be he who comes to it.

Rumors swirled on the Isle of Palms and within the real estate industry last week that actor Kevin Costner of "Fields of Dreams" and "Dances With Wolves" fame is buying a home on the IOP, near where he stayed recently while shooting a movie in the Lowcountry.

Speculation revolved around an Ocean Boulevard beachfront home that's under construction and under contract. The residence is listed at $7.38 million. The luxurious, seven-bedroom spread features a wine cellar that can store more than 300 bottles of bubbly and an outside pool that drips water off three sides. If sold at the full asking price, the home would set a record for a single-family home sale on the island.

But a spokeswoman for the actor threw a wet blanket on the buzz late last week, saying in a terse e-mail that the rumors aren't true about Costner and wife Christine: "The Costners aren't buying any houses in South Carolina."

All the talk was likely tied to the various Costner sightings this spring. He had been spotted having a good time at various local watering holes while in town filming "The New Daughter," a horror film in which he plays a villain. In late March, he and his rock 'n roll band Modern West played a gig at the Music Farm.

Buying time

Ailing armored vehicle maker Protected Vehicles Inc. was thrown a financial bone last week. At a hearing in Columbia on Thursday, the judge presiding over the manufacturer's bankruptcy case allowed PVI to sell off steel valued at $700,000. Creditors at first balked at the proposal, but the company "addressed our concerns," said attorney Michael Beal, who represents vendors that are seeking to get their money.

"So they're going to sell some steel, and that'll give them some money to operate a little longer. And we'll see what happens," Beal said.

Hang on tight

Hard Rock Park went to extended hours Friday after a so-called soft opening, but Wall Street is already telling investors that the Myrtle Beach attraction is one roller-coaster ride they may want to skip.

Why? About a third of the $400 million amusement park was financed with bonds. Moody's Corp., one of three major credit-rating agencies, recently called the venture a "high financial risk" and gave a chunk of the attraction's debt a rating of Caa1, one of its lowest thresholds. Moody's estimated that the developer, HRP Myrtle Beach Holdings LLC, had a 43 percent chance of defaulting on its loans within the year.

A family broadsided by a poor job market and $3.60-a-gallon gas may be inclined to scrap a Grand Strand vacation — or so the thinking goes. And if they do come, they may be reluctant to fork out another $50 apiece for admission to the Hard Rock Park.

Undoubtedly, some leisure companies are getting thumped in today's economy. For example, Six Flags Inc., which operates 21 U.S. amusement parks, last week reported a $150 million first-quarter loss. In response, the company promptly knocked $10 off of its general admission tickets. Visitors can now get a ticket to Six Flags' Atlanta site for $30 online.

Hard Rock Park does not comment on how its bonds trade. However, its executives were bullish about their business prospects in the days leading up to opening. We'll see if its results are as stomach-churning as its rides.

Looks good on paper

The antitrust cops have given the call-clear to the sale of one of the Charleston region's oldest and biggest manufacturers.

The Federal Trade Commission notified KapStone Paper and Packaging Corp. last week that it granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with KapStone's purchase of MeadWestvaco Corp.'s North Charleston paper mill and other assets. KapStone said it expects to close the $485 million deal by late September, subject to customary closing conditions, such as finalizing the financing.

KapStone agreed in April to purchase the 1,000-worker mill, which opened on the Cooper River nearly 71 years ago. The factory last year turned out 833,000 tons of paper that goes into making cartons, corrugated cardboard and other products. Illinois-based KapStone also will take ownership of a 100-megawatt power generator at the mill property, as well as five "chip" mills around the state and a lumber mill in Summerville.

Crew cut

The Charleston company behind The Boathouse has abandoned its plans to open up a seafood restaurant in downtown Greenville. Economic uncertainty caused Crew Carolina LLC to rethink its options, and ultimately, the owners decided to scrap The Boathouse on the Falls, said spokesman Batt Humphreys. The proposed Upstate restaurant, which would have opened this spring with 234 seats, had picked out a location in the Falls Place building near the Reedy River. It would have marked the Boathouse chain's fourth location.

The sluggish economy has hit the restaurant industry hard, Humphreys said. Crew Carolina restaurants, which include the high-end Carolina's in downtown Charleston and two other local Boathouse locations, are still attracting diners, but the company isn't taking in as much money per plate, he said.

"They're still coming, they still like restaurants, but they're just not spending quite as much," he said.

Higher gas prices have also added to the cost of food, but Humphreys said Crew Carolina relies heavily on local suppliers, sheltering it from major fuel-driven price increases.