Part of foreclosed development site sold
The Atlanta Journal-Constitution
Part of a 5,690-acre desert tract outside of Phoenix that a prominent Atlanta developer lost in foreclosure last year has been sold, real estate agents for the lenders said Thursday. Atlanta-based Bull Realty said the unnamed buyer paid cash for 1,182 acres of the Merrill Ranch property, which was once owned by longtime developer H. Harrison Merrill.
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In late 2007, a group of 60 small banks and other lenders led by Peoples Bank in Winder loaned $100 million to the developer, who planned a massive residential community with hotels, retail shops and other features. However, Merrill’s project failed after the real estate market crashed and a deep recession hit in late 2007. T (more...)
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