The Federal Deposit Insurance Corporation is looking to make a profit of over a million dollars on a Stone County property it purchased in July.
They paid just over $3.1 million for 800-plus acres of the former Indian Ridge Resort, which has had a checkered past, and have listed the property at $4.2 million.
Parcel 34, which was not included in the sale to the FDIC, is still mired in controversy. That parcel was auctioned off separately to satisfy several liens by people who had worked on the project, or who were owed money for goods used in the project.
Only one bid for $325,000 was accepted for that parcel. It was made by Jimmy Jones, one of the lien holders for that parcel, who had originally bid $250,000 for the parcel. That was far below the price tag of $550,000 which the court had placed on the property. The larger bid was accepted after Judge Mark Stephens said he could not accept "50 cents on the dollar" for the property.
Jones made the initial down payment of $34,850 the day of the auction, but he has failed to make any additional payments toward the closing, and his attorney has filed three motions with the court asking it to extend the deadline to November 16th.
His attorney filed a third motion for extension Oct. 29, extending the deadline to November 16th. It was stated to be the last request for an extension. As we went press Monday (11-19-12,) no payment had been received for unpaid property taxes, according to Stone County Collector Vicki May and an administrative assistant in the Circuit Clerks office.
Indian Ridge had been mired in controversy since its inception in 2005. Indian Ridge Resort, Inc. around September of 2005. Since that time, the Missouri Attorney Generals office found that the project had violated the Clean Water Act and building was halted when the FDIC took over the bank of developer Joe Shirato's bank, Columbian Bank and Trust in Kansas.
According to court documents, Jones is owed over $157,000 for work he did provided labor and work between April 30, 2007 and May 21, 2008. However, Jones isn't the only one who is owed money.
Heartland Wood Products, Inc, which provided materials in the form of pre-fabricated framing and framing materials, totaled $23,510.10; sub-contractor Brian Sides, who is also facing legal problems, framed three buildings consisting of six condominium units, is owed $70,859.70; Trec Electric, Inc. is owed $22,240; Tablerock Asphalt Construction Co. is owed $46,195.09; Dyke Industries of Springfield, Inc. is owed $90,177.93; Meek Lumber Yard, Inc. is owed $73,692.41; Legacy Stairs, Inc. is owed $14,555; JDC Structural Concrete, LLC is owed $123,332.; and Rapid Plumbing, LLC is owed $32,289.98.