Luxury Asheville Gated Community Sold In Foreclosure

by Deidre Woollard (RSS feed)
Jun 22nd 2010 at 1:02AM

A luxury gated community in Asheville, North Carolina has been sold after foreclosure. The developer of The Thoms Estate lost the property in foreclosure to winning bidder, lender BB&T Corp. was the winning bidder for the Beaverdam property in a foreclosure auction and will look to sell it. The Thom Estate was a 83-acre development that was planned to have as many as 132 homes but only five lots were ever sold. The remaining property was deeded over to BB&T on June 14. The Asheville Citizen-Times reports that a gatehouse, streets and other infrastructure are already in place on the property. A new owner could just go ahead and develop the property although given the current real estate market that might be a bit of a risk.

The city had approved plans for the development in 2007 and a ban on new gated communities was enacted just a few weeks later. At the time of foreclosure the development company, The Thoms Estate LLC, owed the bank $9.1 million on an $18 million loan and hadn't made a payment since February 2009. Lots were once $300,000 and $400,000 and a model home had a price of $2 million. The property was going to have a lot of public amenities including a manor house, labyrinth, artists studio, koi pond, fitness center, greenhouse, a restored barn for summer events and more.

Tags: foreclosure, gated communities, gated community, north carolina real estate