USC agrees to sell Wedge Plantation

The University of South Carolina agreed Friday to sell a 1,500-acre Lowcountry coastal plantation for the $4 million asking price.

The buyer's name was not released immediately. The buyer is still inspecting the property, known as the Wedge Plantation, USC trustees chairman Gene Warr said.

USC has leased the nearly 200-year-old plantation founded by rice planter William Lucas for years after the school stopped using it for insect research. Plantation renters have included hunters and filmmakers shooting a Kevin Costner movie.

The school asked for at least $4 million when the plantation was put out for sale again in May. USC paid about $1 million for the property in the 1970s.

University trustees agreed to sell the plantation straddles Georgetown and Charleston counties along the South Santee River and includes a 8,665-square-foot plantation home and a 2,546-square-foot cottage.

Marsh and wetlands make up two-thirds of the property.

USC has estimated the plantation’s annual maintenance costs at more than $100,000.

After troubles in finding new renters, trustees agreed a year ago to sell the plantation.

This story was originally published November 21, 2014 at 5:20 AM with the headline "USC agrees to sell Wedge Plantation."