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Greensboro, Ga.-based Reynolds Signature Communities, a subsidiary of Linger Longer Communities LLC, said in a news release late Tuesday it has acquired Laurelmor, a 6,200-acre master-planned golf and equestrian community west of Blowing Rock, N.C. A purchase price was not released.
According to published reports, Ginn Development Co., the former owners of Laurelmor, nearly lost the community to foreclosure earlier this year when it failed to make principal and interest payments on a $675 million credit facility on the development and other properties.
The sale is part of an agreement with Ginn Development’s lenders, including Credit Suisse, according to a report in the Winston Salem Journal.
Reynolds Plantation developer acquires N.C. golf community – The Business Journal of the Greater Triad Area:.
BLOWING ROCK
Laurelmor, the 6,000-acre luxury golf resort that collapsed under the bad economy and a massive loan, has been renamed Reynolds Blue Ridge by its new owners, who have announced scaled-back lot prices.
There are 179 original owners who bought lots in Laurelmor when developer Bobby Ginn promised what would have been the biggest, most expensive resort in Northwestern North Carolina. The average lot price was $625,000.
The prices on remaining home sites in the first phase of the development will range from $139,900 to $569,900, according to a letter sent to owners on Friday by the new development owner, Reynolds Signature Communities.
Laurelmor resort is no more