WARWICK, R.I. -- It appears that a South Carolina developer has reached an agreement with the U.S. Small Business Administration to purchase the former Rocky Point Amusement Park.

Developer Arnold Goodstein and his company Vanderbilt Capital LLC bought the 123-acre waterfront property for $25 million and said they will turn the property into high-end housing.

The park has been closed for eight years. The SBA has been holding the property in receivership for the past several months.

The SBA held a telephone auction with five development groups and after two hours, the final bid came from the South Carolina firm.

"We are talking about condos, town homes, single-family homes, high-end development. What we'll be negotiating is the purchase and sales agreement," said SBA Director Mark Hayward. "It was candid that the city wanted to see nothing more than 350 units total."

Officials will need to seek approval for the sale from federal court because the property is in receivership.

It could take five to seven years before the development is completed.