published Wednesday, August 19th, 2009

Bank takes over failed Rarity project

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    Staff Photo by Dan Henry Bill Worley speaks about being the only builder working to complete a $1.6million residence in Rarity Club on Nickajack Lake, a high end golf community, where development has stalled. Worley's home is one of two currently standing on the 578-acre project.

A Greeneville, Tenn., bank is the new owner of what was to be the biggest residential development in Southeast Tennessee.

Green Bank acquired most of the Rarity Club development on Nickajack Lake today at a foreclosure sale at the Marion County Courthouse. The bank, which loaned developer Mike Ross money for the Rarity Club, submitted the highest bid for the property at the auction.

The bank bid $15.8 million, which was the amount of the unpaid loan.

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HarleyMan said...

As a concerned Marion County and Jasper resident, just how does that work, bank had already has loaned the money, loan defaults, bank buys the property at it's own foreclosure sale for the amount owed to themselves, now the bank would have to pay itself the loan back??? sales taxes to the county etc.???? provide the amenities as previously promised by the previous owner, and as contracted with/for the original sale with TVA with Thunder Thorton??? is the original sales contract/ land stipulations such as the moving the recreational area with TVA now null and void.

Anyone know the answers here??? Greenbank,,, TVA anyone????

August 20, 2009 at 1:06 p.m.
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