Bon Secour Village developers ordered to repay Wachovia - al.com

Bon Secour Village developers ordered to repay Wachovia - al.com: "Wachovia Bank has won a $20.4 million judgment against the developers of Bon Secour Village, who consented in advance to the ruling and have joined the lender in trying to sell about 900 acres of the Gulf Shores property to clear the debt.

'There was no reason to have a trial because we know what we borrowed and we know what we owe,' said David Anderson, a Birmingham-based lawyer who represents Bon Secour Village LLC and two of its principals. 'We don't dispute the debt.'

Ending the federal foreclosure case, Anderson said, allows the bank and the developers to concentrate on selling the property, once pegged to be home to a $500 million town-within-a-town development."