After sitting in foreclosure proceedings since 2010, the failed Snake River Sporting Club, a 257-acre development 15 miles south of Jackson containing a Tom Weiskopf golf course, clubhouse, and 68 residential lots, sold to a group of Atlanta investors known as Cygnus last Friday. While details of the sale price haven't been revealed, the property had been assessed at $8.7 million. 43 of the 65 residential lots have been sold, three partially-built cabins sit on the remaining three lots. A brochure for the property claims that the golf course has been maintained well enough to be quickly re-opened, and that the 23,000 square foot clubhouse is "90% complete" and needs only "minimal cosmetic and mechanical work" to be up and running.
The club won approval in 2003, but the project stalled in 2008 when the market bottomed out. A few of the 43 lot buyers still built homes and now live on the property, and the county closed on $6 million in bonds in 2010, which it used to pave roads and install water and sewer lines on the purchased lots. While there's still no word as to what exactly they plan to do with the property as a whole, Cygnus also took over a lot formerly owned by all-star Altanta Braves pitcher Tim Smoltz, which Wells Fargo took into foreclosure proceedings in 2011, claiming the pitcher owed $1.6 million on the property.
· Sporting Club bought by Atlanta investors [Jackson Hole Property Guide]