Wachovia Bank has announced plans to auction four parcels of land that formerly belonged to McCar, the Alpharetta-based home builder now in financial trouble.
The bank published a legal notice this week indicating that McCar was in default on a $50 million loan and that it was auctioning several land lots to recover some of its money.
Six of the lots are in Deerfield Landing in Alpharetta; nine are in the Gates at Johns Creek; and four are in Lakeside Preserve in South Fulton County, according to the legal notice.
A spokeswoman for McCar said it was not immediately clear how much acreage was involved.
The builder has been in financial trouble for several months. Atlanta-based Beazer Homes picked up six McCar subdivisions that the builder was unable to complete late last year.
Steve Roberts, the McCar chief executive who sat for an interview with The Atlanta Journal-Constitution in November, is no longer with the company, the spokeswoman said. Roberts had been CEO since 2007. At the time of the interview, McCar had fewer than 40 employees, and that number is now smaller, the spokeswoman said.
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