DECONSTRUCTED: Rock in a hard place

If you failed to visit the Hard Rock Park in Myrtle Beach, South Carolina, you'll likely never get to experience the Knights in White Satin – The Trip ride, eat at the Cod Piece Fishn-Chips stand or take in a live performance at the Phonehenge Stage.

In fact, untold hundreds of thousands of rock and rollercoaster fans will miss these attractions because the Hard Rock Park is liquidating, just nine months after opening its doors.

The theme park, which licensed its name from the eponymous restaurant chain, was built with capital from two Israeli investment firms, Africa-Israel Investments and Polar International Real Estate. It reportedly cost $360 million and was the largest tourism investment in South Carolina history.

Bankruptcy papers describe the 50-acre development as having opened “on time and under budget” in April 2008. However not enough visitors materialised, due in part to the weak economy, which led to the park having a fatally overleveraged balance sheet.

A reader of a local Myrtle Beach newspaper sent in this question: “How could those with so much money not have any suddenly?” It's a question being asked all over the real estate market.