Worst Real Estate Development Memories of the Past Decade

Res WNC Hiking Trails

Disclaimer: We are sharing this list with you for future reference, to keep an eye on real estate developers track records. We report real estate developer credibility on every community we score.  We want you to know some of these master planned communities listed below are quality communities that have recovered beautifully. Many of these trophy properties were lucky enough to have a financial infusion of capital by a new investor. 

 

ALTURA GLOBAL LLC - President Rod Kagy

DISTRESSED COMMUNITIES LEFT BEHIND BY ALTURA GLOBAL LLC:

  • Altura, Asheville North Carolina
  • Zona Lofts, Asheville North Carolina

 

CHESTNUT FLATS PRESERVE - Principal Greg Tayon

DISTRESSED COMMUNITIES LEFT BEHIND BY GREY TAYON:

  • Chestnut Flats Preserve, Waynesville North Carolina

 

GINN COMPANY and numerous GINN entities - President Robert Gidel, Partners Bobby Ginn & Lubert Adler ( Ginn entities Filed for bankruptcy in 2008)

DISTRESSED COMMUNITIES LEFT BEHIND BY THE GINN COMPANY:

  • Bella Collina, Orlando Florida
  • Cobblestone Park, Columbia South Carolina
  • Ginn Ser Mer, Bahamas
  • Hammock Beach Resort, Palm Coast Florida
  • Laurelmor, Boone North Carolina
  • Quail West, Naples Florida
  • Reunion Resort, Orlando Florida
  • Tesoro, Naples Florida

 

GRANDE HARBOR - Principals Tim Carter and Dr Jeff Booher

DISTRESSED COMMUNITIES LEFT BEHIND BY GRANDE HARBOR:

  • Grande Harbor, Bristol Tennessee

 

LAND RESOURCE LLC - President James Robert Ward (Filed for Bankruptcy 10/30/08 and is charged with killing his wife Diane Ward on 9/21/09)

DISTRESSED COMMUNITIES LEFT BEHIND BY LAND RESOURCE LLC:

  • Bridgepointe at Jekyll Sound, Coastal Georgia
  • Grey Rock, Lake Lure North Carolina
  • Laird Point, Emerald Coast Florida
  • Roaring River, West Virginia
  • Stillwater Coves, South Carolina
  • The Villages of Norris Lake, Eastern Tennessee
  • Wild Ridges, Western North Carolina 

 

LEGASUS LLC aka LEGASUS PROPERTIES - Partners Ted Morlock and Tony Corliss

DISTRESSED COMMUNITIES LEFT BEHIND BY LEGASUS LLC

  • River Rock, Cashiers North Carolina

 

LIBERTY HARBOR LLC  - CEO George Ward, LIBERTY HARBOR DEVELOPMENT LLC - CEO Gary Waxman, WW GROUP HOLDINGS INC - President Gary Waxman, CFO Jeff Weiner

DISTRESSED COMMUNITIES LEFT BEHIND BY LIBERTY HARBOR entities:

  • Liberty Harbor, Golden Isles Georgia

 

MCKEOUGH LAND COMPANY INC - President Michael A. McKeough

DISTRESSED COMMUNITIES LEFT BEHIND BY MCKEOUGH LAND COMPANY:

  • Lowes Ferry, Fort Loudon Lake Tennessee

 

NORTH AMERICAN LAND CORPORATION - President John Folds

DISTRESSED COMMUNITIES LEFT BEHIND BY NORTH AMERICAN LAND CORPORATION:

  • Ashewood, Western North Carolina 
  • Bear River Lodge, Western North Carolina 
  • Gates on the River, Eastern Tennessee
  • Highlands on Kentucky Lake, Kentucky
  • Rivers Reach, Lake Eufaula Alabama
  • Rocky River Vista, Eastern Tennessee
  • The Oaks at Lake Cumberland, Kentucky
  • Tuscan Ridge, West Virginia

 

QUEENS GAP MOUNTAIN LLC and SEVEN FALLS GOLF AND RIVER CLUB LLC - Keith A. Vinson Managing Member

DISTRESSED COMMUNITIES LEFT BEHIND BY KEITH A. VINSON's entities: 

  • Queens Gap, Western North Carolina
  • Seven Falls Golf and River Club, Western North Carolina

 

RARITY COMMUNITIES - President Michael Ross

DISTRESSED COMMUNITIES LEFT BEHIND BY RARITY COMMUNITIES:

  • Rarity Club, Nickajack Lake Tennessee
  • Rarity Meadows, Sweetwater Valley
  • Rarity Mountain, Campbell County Tennessee
  • Rarity Oaks, Oak Ridge Tennessee

 

RED TAIL MOUNTAIN - Roan Valley LLC

DISTRESSED COMMUNITIES LEFT BEHIND BY ROAN VALLEY LLC

  • Red Tail Mountain, Mountain City Tennessee

 

THE SETTINGS DEVELOPMENT COMPANIES LLC - Partners Richard McWhorter and Mark Wilson 

DISTRESSED COMMUNITIES LEFT BEHIND BY THE SETTINGS DEVELOPMENT COMPANIES LLC:

  • The Settings on Lake Rhodhiss, Valdese, North Carolina

 

ULTIMA CAROLINA LLC- President Robert Ullman

DISTRESSED COMMUNITIES LEFT BEHIND BY ULTIMA CAROLINA LLC:

  • Black Bear Falls, Western North Carolina
  • Fontana Trace, Western North Carolina
  • Wildflower, Western North Carolina 

 

VERSANT PROPERTIES - Principal Robert Richey

DISTRESSED COMMUNITIES LEFT BEHIND BY VERSANT PROPERTIES:

  • Versant, Asheville North Carolina

Read Over 8,672 Verified Property Owner Reviews

Eastern Tennessee
We've lived here now for 7 years and wouldn't trade it for anywhere else.
Coastal North Carolina
So many of us are transplants from other states. The community has deep sense of interconnectedness and has become our extended family.
Coastal North Carolina
Disappointed in no follow through with amenities promised.
Stay informed about the latest news.
A behind the scene look at what's happening in 'real time' keeping you informed.