Bank buys Seven Falls development
A South Carolina bank owed $15.7 million on a 600-acre chunk of Seven Falls Golf and River Club bought the property in a foreclosure sale Thursday.
The National Bank of South Carolina was the only bidder for the property, which is part of an ambitious upscale development on the French Broad River planned to include an 18-hole Arnold Palmer-designed golf course, golf academy, retail shops and 874 homes and condos.
The bank initiated foreclosure proceedings against developer Keith Vinson last summer after he defaulted on two loans. The sale was originally scheduled for Sept. 23, but was delayed three times while Vinson tried to secure financing.
Vinson stopped making payments on two loans with National Bank of South Carolina at the end of March, the bank said in court documents. He owed $4.04 million on one loan and $11.7 million on another.
via Bank buys Seven Falls development | BlueRidgeNow.com | Times-News Online | Hendersonville, NC.