Bank takes over failed Rarity project

Bank takes over failed Rarity project

August 19th, 2009 in Local Regional News

Staff Photo by Dan Henry Bill Worley speaks about being the only builder working to complete a $1.6million residence in Rarity Club on Nickajack Lake, a high end golf community, where development has stalled. Worley's home is one of two currently standing on the 578-acre project.

A Greeneville, Tenn., bank is the new owner of what was to be the biggest residential development in Southeast Tennessee.

Green Bank acquired most of the Rarity Club development on Nickajack Lake today at a foreclosure sale at the Marion County Courthouse. The bank, which loaned developer Mike Ross money for the Rarity Club, submitted the highest bid for the property at the auction.

The bank bid $15.8 million, which was the amount of the unpaid loan.