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March 22, 2011

Another Oregon resort goes bankrupt

"Before the Great Recession, there was a killing to be made developing golf-themed resorts in Central Oregon.

Thornburgh Resort Co. LLC, which aimed to transform a 2,000-plus acre ranch near Bend into the swankiest golf-themed resort of all, is the latest casualty of the rush.

On March 11, Kameron DeLashmutt, whose family ranched the land for generations, filed for protection from creditors under Chapter 11 in U.S. Bankruptcy Court for Oregon after his vision of building the region’s most luxurious residences around golf courses designed by celebrity players failed to materialize.

An investor said the bank had foreclosed on the development site. The bankruptcy petition is silent on bank loans."

Read more here.

March 22, 2011 in Current Affairs | Permalink

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