Coral World to be Sold as Longtime Owners Retire; Senators Approve 40-Year Lease Extension in Rules Committee
The 40-year lease extension aims to attract a responsible buyer who will uphold Coral World’s legacy in tourism, education, and environmental contributions as the Pryors step down after decades of stewardship
2024-12-16 13:17:03 - VI News Staff
As the owners of Coral World Ocean Park prepare to retire and ultimately offer up the popular attraction for sale, they have requested an extension of their existing lease to make it an “attractive investment opportunity for a responsible operator/purchaser.” The current operators, Cornelius and Gertrude Pryor, appeared before the Committee on Budget, Appropriation, and Finance on Friday to discuss Bill 35-0423. The proposed legislation approves the fifth amendment of the lease agreement between the Government of the Virgin Islands and Coral World Inc. to extend the lease term by an additional forty years.
According to the duo’s legal counsel George Dudley, Coral World’s “contributions to the Virgin Islands have increased in importance and evolved beyond tourism to become an important resource for marine biological, ecological and environmental education.” According to Mr. Dudley, the Pryors have “decided that the responsible next step for them is to sell Coral World to an experienced operator that shares their vision for Coral World.” In this way, the underwater park will “continue contributing to the educational, economic and environmental well-being of the territory.”