A Dream Unrealized
Some of you may remember these two shots of N.C. mountain property that I posted about a year ago. The first shot looks east while Banner Elk, N.C. lies behind me to the west. The second shot shows Grandfather Mountain....N.C.'s most popular tourist attraction....at the far top right. Man, I thought I had found a place to spend the rest of my life.
The property happened to be part of a 247 acre tract. It was listed for sale at about $4 million bucks. The seller would not consider breaking the piece I wanted out of the rest of the land. I approached two of my good buddies about going in with me on the venture. They would stake a claim to a piece each and we would develop the rest as a high-end community. I dug in and started to determine what exactly we could expect the development costs might run. I expected that the expenses would be high, but possibly manageable. The situation got really complicated, however, when some potential ground contamination issues on part of the property came to light. Reluctantly, my buds and I have decided that the venture exceeds a guage of risk level that we never exceed in ventures like this. I wish it had gone differently, but it is what it is.