ENTREPRENEURS: Deflated Developer

In 1957 Charles E. Fraser was a Yale-educated lawyer who knew little about real estate, but he did know Hilton Head Island, S.C. His father owned land there, and Fraser was convinced that the alligator-infested island could be turned into a playground for the sports-minded rich. So he borrowed from an insurance company (pledging as collateral pine trees that could be turned into valuable pulpwood) and began developing the 4,500-acre Sea Pines Plantation. It became a world-renowned resort that respected the environment —the pine trees are still standing, and the 'gators and...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!