Judge orders developers to pay $141k for Polk water line
White Oak Golf and Equestrian Community was auctioned off on the Polk County Courthouse steps Wednesday, Feb. 1 for more than $3.6 million.
Tryon Equestrian Properties, LLC made the only bid at $3,675,130.34. Roger Smith, representing Tryon Equestrian Properties, made the opening bid, and no upset bids were entered.
There will be an upset bid process that will end on Feb. 13. An upset bid must be at least five percent higher than the original bid made Wednesday, or $3,858,886.86.
Approximately 30 people attended the foreclosure auction, with attorney Hugh Key reading the notice of sale.
The development, located in Green Creek Township, consists of 941.93 acres and was developed by White Oak Development Partners, LLC. Its original plans called for nature trails, a golf course/clubhouse, vineyard, an equestrian center, a lake and tennis facilities, among other amenities.
The developers have constructed nine holes of the planned golf course. There are five homes constructed at the development with one having obtained a certificate of occupancy.
Wednesday’s auction of White Oak Development came just two days after a judge ordered the development to pay Polk County $141,260.41 for a water line to the property.
Judge Mark E. Powell granted the judgment on Monday, Jan. 30 during a superior court session relating to a lawsuit Polk County filed against White Oak for not completing payments for the water line construction. White Oak still owed the county $115,752.50 out of the original $359,505 cost to run the water line. Powell’s judgment of $141,260 included interest. White Oak originally paid half of the water line costs and was given until Aug. 31, 2009 to pay the remaining half.
White Oak also owes the county approximately $104,000 for unpaid 2010 and 2011 property taxes.
During the auction, the winning bidder was required to pay cash or certified check of a minimum of 25 percent of the bid. The property was also sold subject to any unpaid taxes or liens.
In December 2011, White Oak officials said they were working to obtain a development partner in order to get all the debts paid and to re-launch the development.