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Author Topic: Lajitas is at auction today.  (Read 7119 times)  Share 

Offline McTullis

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Lajitas is at auction today.
« on: October 18, 2007, 03:29:53 PM »
Didn't see a post anywhere but just thought you guys might like to know that the bidding and legal process for Lajitas is going on right now in San Antonio. Soon enough there will be a new owner, and my fingers are crossed that our agency will still work with the new owners. Our advertising work for Lajitas won an assortment of awards before things went awry there. Unfortunate. I have faith that it can be saved and returned to the Bend.
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Offline Casa Grande

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Re: Lajitas is at auction today.
« Reply #1 on: October 18, 2007, 06:18:01 PM »
I bid $1
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Offline SHANEA

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Re: Lajitas is at auction today.
« Reply #2 on: October 18, 2007, 07:33:59 PM »
Swank West Texas resort fails to sell at auction

Quote
Thomas and Barbara Gholson, a College Station couple who paid $450,000 for a condo in 2005, have sued Smith, alleging fraud and breach of contract.
« Last Edit: October 18, 2007, 07:40:11 PM by SHANEA »
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Offline BigBendHiker

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Re: Lajitas is at auction today.
« Reply #3 on: October 18, 2007, 07:38:30 PM »
Wow.  $450,000 for a condo out there...


BBH
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Offline SHANEA

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Re: Lajitas is at auction today.
« Reply #4 on: October 18, 2007, 07:41:03 PM »
Quote from: BigBendHiker on October 18, 2007, 07:38:30 PM
Wow.  $450,000 for a condo out there...


BBH

As PT Barnham once said...
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Offline Casa Grande

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Re: Lajitas is at auction today.
« Reply #5 on: October 18, 2007, 08:56:12 PM »
Quote from: SHANEA on October 18, 2007, 07:33:59 PM
Swank West Texas resort fails to sell at auction


well, hell...how could they sell it?  I didn't see it listed on ebay
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Offline BigBendHiker

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Re: Lajitas is at auction today.
« Reply #6 on: October 18, 2007, 09:06:37 PM »
Quote from: SHANEA on October 18, 2007, 07:41:03 PM
Quote from: BigBendHiker on October 18, 2007, 07:38:30 PM
Wow.  $450,000 for a condo out there...


BBH

As PT Barnham once said...

Yep...my thoughts, exactly!

BBH
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Offline rgibson

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Re: Lajitas is at auction today.
« Reply #7 on: October 19, 2007, 04:04:10 AM »
No bids received
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Offline Roger, Roger

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Re: Lajitas is at auction today.
« Reply #8 on: October 19, 2007, 08:44:18 AM »
Bankrupt West Texas retreat fails to find buyer

High-end Lajitas resort doesn't sell at auction; next step unknown

10:24 PM CDT on Thursday, October 18, 2007
The Associated Press

LAJITAS, Texas – A high-class, high-priced bankrupt resort did not sell at auction Thursday, a lawyer for the company said.

Mark Petrocchi, a lawyer for Lajitas Resort Ltd., said one bidder walked out of the sale in San Antonio Thursday.

Developer Stephen R. Smith's Lajitas, The Ultimate Hideout resort filed bankruptcy early this year and was set to be sold at auction Thursday. It is unclear what the next step will be.

The 92-room resort, replete with a private air strip, lush 18-hole golf course, and a beer-swilling goat that holds the honorary title of mayor, has a taxable value of just under $17 million and owes creditors nearly $15 million.

Mr. Petrocchi said the resort company was trying to pursue other options, but he declined to say what those options were.

The fledgling resort, sandwiched between the Big Bend state and national parks along the Rio Grande about 300 miles southeast of El Paso, has long struggled financially. In 2006, Lajitas CEO Daniel Hostettler said the resort hadn't made money since he was hired in 2002.

Later that year, Lajitas took out a high-interest $12.5 million loan from Prime Assets Funding, a Greenwich, Conn., lender. The resort company defaulted on the loan earlier this year, and filed for bankruptcy to stave off foreclosure. A federal bankruptcy judge later ordered Thursday's auction.

Mr. Smith bought Lajitas at auction in 2000 for $4.5 million. Initially he planned to keep the 25,000-acre property as a private retreat for himself. But then he dreamed of building a high-end, exclusive resort that would cater to the ultra rich and famous.

He planned a five-star hotel, condominiums and a gated resort community. Using much of his own money – Mr. Hostettler estimated in 2006 that Mr. Smith had invested as much as $80 million – he built the hotel, two restaurants and 10 condos and sold a handful of homes and home sites.

But plans for a second golf course, a 20,000-square-foot club house and spa, and other amenities never materialized.

Mr. Petrocchi said Mr. Smith hoped that the sale would have little impact on land and homeowners. Because those people bought their property from the resort company, they will maintain ownership after the sale.

Mr. Smith did not return telephone calls seeking comment.
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Offline Vince T

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Re: Lajitas is at auction today.
« Reply #9 on: October 19, 2007, 09:42:08 AM »
Wow...
You know, I have no problems for people chasing their dreams, and I have learned that sometimes when people tell you you are nuts it's often a sign to keep going.
But...so many people saw what was happening out there as just a bit too much of a dream.
Interesting times ahead.
I wonder what Lajitas will be like in 2107...
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Offline SHANEA

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Re: Lajitas is at auction today.
« Reply #10 on: October 19, 2007, 09:52:49 AM »
What really sux about the whole thing is that there are a lot of hard working people and companies that are owed a lot of money by Lajitas and the owner has extremely deep pockets and could easily in a blink of an eye make good on what is owed w/o hiding in bankruptcy.  I'm afraid that the little guy is going to get hurt by this - or has already been hurt by having the money owed on the books as accounts payable - questionable - bad debt. 
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Offline McTullis

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Re: Lajitas is at auction today.
« Reply #11 on: October 19, 2007, 10:19:03 AM »
Quote from: SHANEA on October 19, 2007, 09:52:49 AM
What really sux about the whole thing is that there are a lot of hard working people and companies that are owed a lot of money by Lajitas and the owner has extremely deep pockets and could easily in a blink of an eye make good on what is owed w/o hiding in bankruptcy.  I'm afraid that the little guy is going to get hurt by this - or has already been hurt by having the money owed on the books as accounts payable - questionable - bad debt. 


Some of those hard working people and companies are amongst us here at BBC. Apparently the pockets aren't as deep as Mr. Smith would like to admit.
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Offline SHANEA

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Re: Lajitas is at auction today.
« Reply #12 on: October 19, 2007, 04:06:14 PM »
The Saga Continues...

Looks like Lajitas, the Ultimate Hideout, will indeed change hands.   
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Offline McTullis

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Re: Lajitas is at auction today.
« Reply #13 on: October 19, 2007, 07:46:56 PM »
It has already changed hands. It's just in the hands of Prime Assets currently until a buyer does step up. Expect the place to be dark and empty soon. Kinda like Smith's wallet.  :eusa_boohoo:
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Offline Roy

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Re: Lajitas is at auction today.
« Reply #14 on: October 19, 2007, 08:30:33 PM »
The hotel, restaurant, and boardwalk with (less "exclusive") shops were all there before Smith laid eyes on the place.
If the court would let them stay open, and the merchants start dealing with reality, they could show a profit.  It's the real estate development and the nose in the air attitude that are the real problems.
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