No takers at auction
A lender has acquired property once planned for a luxury development alongside the Great Smoky Mountain National Park.
The Estates at Norton Creek was a gated, residential development on Norton Creek Road, off the Spur between Gatlinburg and Pigeon Forge. It included a clubhouse for trout fishers who wanted to take advantage of the creek and a pavilion homeowners could use alongside the water.
However, developer Norton Creek, LLC apparently could not keep up with payments to the lender, Silly Creek Investments, LLC. A foreclosure notice that ran in The Mountain Press indicated the developer had obtained a $6.25 million loan but had failed to make its payments.
As a result, the property was auctioned at the County Courthouse this week.
After no bidders surfaced, the lender acquired the property for $1.5 million.
A spokesperson said it wasn’t clear what that might mean for the property’s future.