South Carolina’s tall ship to be sold

CHARLESTON, S.C. (AP) — South Carolina’s tall ship, the Spirit of South Carolina, is for sale.

The Post and Courier of Charleston reports (http://bit.ly/vlWbHH ) the South Carolina Maritime Foundation wants to sell the ship to pay its debts, including a $2 million bank loan.

The ship took several years to build and cost $4.5 million. It began educational programs for students in 2007. The foundation programs are designed to help curb the dropout rate in local schools.

The chairman of the foundation’s board, Teddy Turner IV, says the nonprofit group has struggled to raise money in a bad economy and to pay the cost of building the ship.

In addition to a lawsuit by the bank, the foundation is being sued by a former landlord for back rent.

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Information from: The Post and Courier, http://www.postandcourier.com