Murrica!
I'm not familiar with that area, but looking at the links, investors couldn't be found.
Why is that?
Did the investors find that it wasn't generating enough revenue to put money into?
Shangrila on Grand lake fell under similar circumstances. Mclendon had no interest in that.
It appears to be a bad business venture for investors. If it was "stolen" wouldn't there be some other business interest already building there?
Why is that?
Did the investors find that it wasn't generating enough revenue to put money into?
Shangrila on Grand lake fell under similar circumstances. Mclendon had no interest in that.
It appears to be a bad business venture for investors. If it was "stolen" wouldn't there be some other business interest already building there?
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Basically Fisher/Mcclenden decided they wanted the land. It's extremely valuable, great location. They hatched a plan via land comissio members to defund lake texoma. It was making millions in revenue profit. Jay Paul Gumm, Mary and some other politicians let fishers attorneys write the sales contract. It was never debated nor publicly viewed until AFTER the sale was finalized. They flat refuses the public to see it. The state then forces all of the concession Aires to sale at lose to 'point vista'. Every thing was let to go to ruin. After 7 years they demo's the lodge and a few other buildings. About 60 more buildings sit empty and looted by vandals. It was never the intent to develop the land, no investors have been approached. Mark Fisher has said so in public. He's universally hated down here. No restaurant in the county allows him in. I could go on for pages..
Why would anybody buy a resort/land, and let it go fallow? None of this makes sense.
What little I know about developers, is that they buy properties that aren't making money because the maintenance of older properties has exceeded the profit or close to it, and have to shut it down or look for investors.
Investors aren't going to invest in something that isn't going to make them money, or their income won't allow investments because of downturns in their businesses that eliminate investment money's.
I suspect that is what happened, but You all could be right. They tore it down to let it set.
maybe the property was bought for future tax write offs
kinda like all the absentee owners of dilapidated apt. complexes on the west side of OKC
they buy a run down complex, board it up, fence it off and let it get burned and stripped, then the city has to come in and level the property at tax payers expense because it's a nuance and hazard to safety
now they have a cleared property, in a desired area, with a low tax of bare land (because the city cleared it !), they can show it as a "investment " and use it for trading or collateral for borrowing more money, to buy more dilapidated complexes an adding to their portfolios, all that shows up on paper is "we own XX amount of prime location property"
kinda like all the absentee owners of dilapidated apt. complexes on the west side of OKC
they buy a run down complex, board it up, fence it off and let it get burned and stripped, then the city has to come in and level the property at tax payers expense because it's a nuance and hazard to safety
now they have a cleared property, in a desired area, with a low tax of bare land (because the city cleared it !), they can show it as a "investment " and use it for trading or collateral for borrowing more money, to buy more dilapidated complexes an adding to their portfolios, all that shows up on paper is "we own XX amount of prime location property"
Any work the city does would be billed at 2-3 times the normal rate and would be filed as a lien against the property. And then they would foreclose and sale the land to satisfy the lien.
ODOT 5 laned us 70 through that area for this reason and almost spent millions 4 laning Rosevelte bridge. All for the projected new traffic this resort area would bring.
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