Judge Mark Stephens has cleared the way for parcel 34, a 25-acre plot of land in the old Indian Ridge development in southern Stone County, to be sold.
Jim Jones, who is one of many lien holders on that portion of the property, says his company Jimmy Jones Excavation, Incorporated has about $350,000 tied up in Parcel 34 and about $700,000 in total invested in the 800 acre property.
Court records show that Jones paid $170,000 for Parcel 34 and has put down $25,000 with the court.
Stephens granted a 120 day extension in mid January to get title issues resolved with property owners in Utah who are involved in the bankruptcy.
At this point Jones says he's not sure what will become of the property on which about a dozen unfinished dwellings stand.
The Federal Deposit Insurance Company is reviewing a potential sale on the remainder of the 800 acre property, which is listed for $2 million dollars..
The FDIC website shows Colliers International, a global real estate company headquartered in Seattle, as the contractor.
Dan Feldman, listed as the FDIC contractor contact for Colliers International, said he couldn't comment on the potential deal due to a confidentiality agreement.
In 2012 the FDIC purchased the property for $3.1 million.