When you read a story like the one below, you have to wonder how our local elected officials who so eagerly donated hundreds of thousands of tax payers dollars to such projects feel now. But they never seem to learn from their mistakes.

County commission donated nearly $400,000.00 to help build a "PRIVATE" road into the gated development. There's no telling how much the city of Loudon spent to extend infrastructures, water, sewer, gas, roads etc. for the development.  

Tennessee National Up For Sale
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Tennessee National, the waterfront golf community in Loudon County, is for sale.

Jeff Woolson, of CB Richard Ellis in Carlsbad, Calif., said Tuesday that the listing includes 108 finished lots and 950 acres of developable land that could be converted into nearly 1,500 lots. It also includes the Tennessee National golf course, clubhouse, practice facility, maintenance facility and pool. The listing does not include properties that have already been sold to homeowners.

Woolson said the owners of Tennessee National have invested more than $70 million into infrastructure, but he expects a buyer to get a deal. "All properties these days are selling for a fraction of their former value," he said. "I'm going to guess somewhere in the ... mid-teens, (or) high teens maybe."

The company behind the project is Medallist Developments, a joint venture between Macquarie Bank of Australia and golfer Greg Norman's Great White Shark Enterprises. Woolson said Medallist made a corporate decision to focus on opportunities in Australia, and that the move is not a distressed sale.

David Cecchele, chief operating officer of Medallist USA, said Monday that the firm assesses all of its assets on a regular basis, and felt they would be "better served by divesting of the asset."

In June, the Scope reported on an aggressive marketing push by Tennessee National, in which the project's web site trumpeted news of a "Lender Ordered Short Sale" and the chance to own lakefront property for "Pennies on the Dollar!".

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12/1/10