A 25.17-acre parcel of Branson West development Indian Ridge Resort Community yesterday sold at auction for $325,000.
Foster Auction & Appraisal Service owner Larry Foster said the entire parcel sold to a single buyer, whom he declined to name. Foster, whose company was enlisted to sell the property by Stone County Circuit Court, said the winning bid came in at less than the auction's advertised price of $550,000.
"It sold for way less than I thought it would," Foster said. "I think most involved thought it would do much better. But it did sell."
Foster noted a court official present at the auction was able to accept a lesser bid.
The parcel included 80 lots, 13 structures in various stages of development for 26 condominiums, more than 400 feet of Highway 76 frontage and a double-sided billboard, according to the
auction listing.
The auction was ordered to satisfy liens filed by 10 companies against Denver-based North Shore Investments LLC, which purchased the land from Indian Ridge Resort Inc. and its owner Jim Shirato, according to
Springfield Business Journal archives.
In 2005, Shirato broke ground on the planned $1.6 billion, 850-acre Indian Ridge Development, which has stalled due to clean-water violations from the state and funding issues after the developer's former bank was shut down by federal regulators.[[In-content Ad]]