South Seas, a resort located on Captiva Island, off the coast of Florida, is the buyer of Robert Rauschenberg’s famed 22-acre property on the island, which had been home to one of the country’s top artist residency programs following his death. The Robert Rauschenberg Foundation, the steward of the namesake artist’s legacy, had announced last year that it would sell the property, which also includes about 1,000 feet of beachfront property and Rauschenberg’s 8,000-square-foot studio which he built in 1992. The foundation said the cost to maintain the property had grown beyond what it could manage while still maintaining the other parts of its mission, citing a sustainability assessment that “confirmed that safeguarding the property would require substantial additional investment and site modifications, without ensuring the property’s long-term resilience or reducing the likelihood of future costs.” That statement added that “Robert Rauschenberg believed that change was essential to creativity.” South Seas…