Freestyle Music Future Unclear

Though the owners of Myrtle Beach, S.C.’s beleaguered Freestyle Music Park recently signed a $20 million mortgage with a foreign lender, the park isn’t expected to open its gates anytime soon.

Freestyle Music Park, which cost $400 million to build, opened in 2008. It’s been closed since operating for one full season in 2009 after a hasty name change from Hard Rock Park.

FPI US LLC purchased the park out of foreclosure for $7 million last summer, but has apparently been struggling to find an operator or a prospective buyer for the property in the time since.

“It’s at least a year down the road, best-case scenario,” real estate agent Alain Wizman told the local Sun News. “In my opinion, it’s impossible to do at this time [for this summer].”

An attorney who represents FPI explained the $20 million mortgage is helping to keep the park in shape while the search for a buyer continues.

However, given the park’s history of failures and the current economy, it’s unclear whether many prospective buyers have expressed interest.

“I think it is an extremely viable project,” Wizman added. “The two attempts that were made were not planned as well as they could be. But with the right tools, it could be an extremely successful project.”