By RYAN DEZEMBER
Staff Reporter
GULF SHORES — A court-ordered auction of more than 880 acres at the foreclosed Bon Secour Village failed to yield any acceptable bids and will force lawyers to look for new ways to dispose of the property and pare down financial losses.
The developers of the 1,000-acre project defaulted on their $20.36 million loan from Wachovia bank last year and the auction had been ordered to clear the debt, which, according to court filings, accrues interest at a rate of more than $2,600 a day.
Heralded as a $500 million town-within-a-town that would transform a swath of woods along the Intracoastal Waterway's northern shore into one of the state's most chic neighborhoods, Bon Secour Village has been mired in troubles for the last year.
Mobile Press-Register
