Gnam
07-21-08, 08:08 PM
from an article in the San Francisco Chronicle about a real estate deal in NorCal. link (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/20/RECH11QS8K.DTL)
Diablo Grande was to be among the largest land developments in the history of Stanislaus County. Sprawling across some 28,500 acres of ranchland - roughly twice the size of Manhattan - developer Donald Panoz, multimillionaire inventor of the nicotine patch, envisioned 5,000 to 10,000 homes, a resort hotel and spa, six golf courses, an equestrian center, vineyards, a winery and commercial properties, including a high-tech research park.
But today, after Panoz and his partners sank more than $120 million into the project, Diablo Grande is mired in Chapter 11 bankruptcy proceedings and is expected to go on the auction block within weeks. The minimum bid is $25 million.
According to the bankruptcy filings, today Panoz through two ventures owns 35.1 percent of Diablo Grande, while Davis owns the rest. Panoz declined to comment for this story.
Outside circumstances aside, it still seems like a bad place to build a boom town. There's a reason people speed down I-5 to LA. :p
Diablo Grande was to be among the largest land developments in the history of Stanislaus County. Sprawling across some 28,500 acres of ranchland - roughly twice the size of Manhattan - developer Donald Panoz, multimillionaire inventor of the nicotine patch, envisioned 5,000 to 10,000 homes, a resort hotel and spa, six golf courses, an equestrian center, vineyards, a winery and commercial properties, including a high-tech research park.
But today, after Panoz and his partners sank more than $120 million into the project, Diablo Grande is mired in Chapter 11 bankruptcy proceedings and is expected to go on the auction block within weeks. The minimum bid is $25 million.
According to the bankruptcy filings, today Panoz through two ventures owns 35.1 percent of Diablo Grande, while Davis owns the rest. Panoz declined to comment for this story.
Outside circumstances aside, it still seems like a bad place to build a boom town. There's a reason people speed down I-5 to LA. :p