Big Bend resort files for federal bankruptcy protection

[TexasRed]

Ouch!! Bum deal.

EL PASO, Texas -- A West Texas resort billed by its owner as an exclusive desert getaway for the rich and famous filed for federal bankruptcy protection today.

The filing in federal court in Midland came a day before a Connecticut real estate loan company was set to foreclose on an unpaid $12.5 million loan and sell at auction the 25,000-acre Lajitas, the Ultimate Hideout resort.

According to the Chapter 11 filing, Lajitas Resort Limited claims it owes more than a million dollars to its top 20 largest unsecured creditors, including about $40,000 to the Golf Channel. The debt to Prime Assets Funding, the Greenwich, Connecticut, company that lent Lajitas the $12.5 million more than a year ago, was not listed in the filing.

Steve Smith, an Austin multimillionaire, bought the property at auction in 2000 for about $4.5 million. Smith did not return a cell phone message today.

[MLC]

Wow! shame but thats business i guess.

[TexasRed]

Beautiful place it is .. but they are damn proud of their accomodations

[FATboy05]

Too bad, I go there almost every weekend :lol: :lol:

[TexasRed]

Its a beautiful place. Wish I could buy it out from under his ass when it goes into Ch.13 .. lmao ! Would be nice to own a place to cater strictly to bikers out in the [still] wild west

[TexasRed]

Thats cool. I'm counting on some hellaciously fun stories from all

[FATboy05]

Originally Posted by TexasRed

Its a beautiful place. Wish I could buy it out from under his ass when it goes into Ch.13 .. lmao ! Would be nice to own a place to cater strictly to bikers out in the [still] wild west

I would Love for you to but it too, and make it for biker's. Get Gzr off his dead ass, and make ya some more $$$ so ya can buy it :wink:

[TexasRed]

LOL .. believe me - he looks for those kinda options for us every day

He found one the other day we actually mulled over .. on 281, outside Weatherford, living quarters above it, store/grill/gas on 2+ acres - translates to - at least "secure" biker camping... Dude was getting divorced & had to sell. Store fully stocked/land = $250k

[FATboy05]

Originally Posted by TexasRed

LOL .. believe me - he looks for those kinda options for us every day

He found one the other day we actually mulled over .. on 281, outside Weatherford, living quarters above it, store/grill/gas on 2+ acres - translates to - at least "secure" biker camping... Dude was getting divorced & had to sell. Store fully stocked/land = $250k

Sounds pretty good to me, close to the infamous HWY.4, only cool twisties for scoots around

[TexasRed]

I hear ya .. the planets would - of course - have to align perfectly to be able to do it, but that was a very viable opportunity & thats what we'll be looking for .. more so in the Hill Country