Developers dreamed of having golfers walking and riding across what once was the C&B Feedlot off Feedville Road.
Now it appears the dream has become a nightmare with no happy ending.
When Roy Woolliams, Gerald Jerry Christian and a third partner purchased the C&B property through the feedlots bankruptcy proceedings in 2002 for $1.6 million, they had visions of an 18-hole golf course there by June 2005. They also planned a housing development surrounding the links.
Christian, who eventually wound up with the property, also lost it to foreclosure. Genesis Financial Corp. of Spokane Valley, Wash., acquired Desert Falls Golf and Country Club and Falls Estates?last year. Christian had done substantial work on the golf course, laying out 18 holes and planning the housing development. The value of the property when Genesis Financial acquired it was nearly $6.5 million.
Jerry agreed to work with us through that foreclosure process in order to eliminate the $30 million blanket mortgage that was behind us, held by Columbia River Bank (now Columbia Bank), said Michael Kirk, president of the Washington finance company.
Christian, who is in the Sacramento, Calif., area, could not be reached for a comment in time for this story.
At this point in time, Jerry Christian and Genesis are working together to try and find financing to move the project forward, Kirk said, but this economy has not helped our efforts.
They are working to raise the cash to pay the delinquent taxes and assessments, he said, adding, That alone is a difficult matter, as the property taxes are ridiculously high for raw dirt.
The Umatilla County Office of Assessment and Taxation could not provide the amount of back taxes owed on the property before deadline.
We will continue to work toward making this project a reality, Kirk said, but Im afraid unless we get a break somewhere along the line, it may not happen.