Posts filed under ‘Four Mile Ranch in the News’
Well, in a recent interview about the Four Mile Ranch Golf Course, Designer Jim Engh explained it his way. After you read the interview, read on and get the real story of how the developer Ross Jeffery tried pulling a fast one and got caught with his pants down.
Canon City Real Estate Developer bought 2 large parcels of land in a neighboring sub division with the intent on building his driving range there. He did build the driving range on that land, however, that land was not in city limits, it was in the county. He was not allowed to water the county grass with his city water. Hence why you have a dirt driving range.
How long can the Four Mile Ranch subsidy continue? With rates for golf dropping to $20 for 18 holes, one has to wonder how long until the Four Mile investors cut bait and run. Doing some basic math, a little research on golf course operations and it is easy to determine that the Four Mile Ranch Golf Course is running close to $500,000 in the RED.
Golf Course Closures in the news
Who is searching who? Below are the Four Mile News stats on what the top search terms have been for the last 30 days. It looks like Kevin Quinn is just as popular as the Four Mile Ranch development.
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Four Mile News has obtained a copy of the Fremont County Colorado Tax Lein Auction list. It shows that the entire development is listed on the list. With the state of current sales at Four Mile Ranch being non-existent, it looks like a savvy investor may be able to buy these tax certificates and secure a %10 return on their money, and quite possibly could own the property outright in 3 years for pennies on the dollar if the bill goes unpaid. Follow this link for a list of the properties affected.
A source close to the community has told Four Mile Ranch News a funny little story about a BBQ Grill. Apparently, times are tuff these days at Four Mile Ranch as the staff that operates the Four Mile Ranch Golf Course have been dumpster diving, looking for items of use in the kitchen at the Four Mile Ranch Golf Course. Our source reports that the staff at Four Mile got a scolding email from one resident who had a BBQ Grill removed from his trash, then taken to the Four Mile Ranch Golf Course for food preparation and cooking. The source also said, that the email to the staff urged caution in the use of the grill as the staff members who took it had no idea if there may have been a chemical spill in the grill causing possible contamination.
Sounds like you may want to consider taking a box lunch to the links next time you play Four Mile Ranch Golf Course in Canon City, Colorado 81212.
The troubles at Four Mile Ranch continue as recent foreclosure sales have caused housing prices to drop dramatically.
3528 Rio Bravo Drive
3/31/2006 Sales Price $285,848
4/20/2009 Sales Price $172,000
= 40% decline in value in 3 years
3520 Rio Bravo Drive
3/31/2006 Sales Price $257,230
4/20/2009 Sales Price $173,000
= 33% decline in value in 3 years
Were the properties over priced in the first place, were property values over inflated by the developer in an attempt to increase profits?
What are your thoughts?
Four Mile Ranch News has recently learned that foreclosures of residential property in the Four Mile Ranch Golf Course community are on the rise. The investigation has uncovered that the developer, Ross Jeffrey, sold multiple houses to real estate investors and later defaulted on those investments causing a dramatic increase in the rate of foreclosures in his troubled development. One street alone has had 2 foreclosures in the last week. These latest developments have created additional concern among locals that live in the Four Mile Ranch community as home prices now appear to be drastically over inflated and raise the concern of possible issues of fraud with the purchase of other homes in the community.
Four Mile Ranch news has discovered that a group of home owners have approached authorities to present a criminal case against the developer for fraud in the purchase of their property. Please stay tuned as further information in this case is made public.
Four Mile Ranch news has uncovered yet additional details on the escapades of Four Mile Ranch investor Kevin Quinn. Included are some PDF files directly from the SEC website that shares all of the details.
Link to all of the litigation
Four Mile Ranch News has found yet another article on Kevin Quinn a principal of the investment firm Cottage Capital that is heavily invested in the Four Mile Ranch Golf Course project east of Canon City, Colorado 81211. If past performance is any indication of future activities it looks like Canon City may have some new entertainment coming to town. Maybe he can get his friend from Tyco transferred to one of Canon City’s fine facilities.
As reported on FINAlternatives, a Hedge Fund and Private Equity News Website
Link to Article: http://www.finalternatives.com/node/1342
Former Jefferies ‘Gift-Giver’ Plans Hedge Fund
Kevin Quinn may have been banned from the broker-dealer and mutual fund industries for his questionable entertainment practices as a salesman for Jefferies Group, but that isn’t keeping him out the hedge fund business.
Quinn is clearly hoping that his sordid history won’t scare investors away from Boston-based Cottage Capital, his new hedge fund. Cottage will provide secured loans to smaller companies, according to Hedge Fund Alert. Quinn will reportedly limit himself to the business side of the fund, which is expected to launch with $50 million. The fund’s launch date was not disclosed.
Quinn was behind the infamous 2003 Miami Beach bachelor party for Fidelity Investments trader Thomas Bruderman—the guy who was marrying the daughter of then-Tyco CEO and current resident of the New York State correctional facility in Marcy, N.Y., Dennis Kozlowski.
That party, which started with a private jet flight from Boston and ended on a yacht with both strippers and midgets, cost Jeffries $75,000 at the time and, along with Quinn’s less-spectacular entertainment, $9.7 million in disgorged profits. Quinn himself was hit with a $468,000 fine.
Four Mile Ranch News has uncovered additional bullying tactics at Four Mile Ranch in Canon City Colorado, by its developer Ross Jeffery.
Sources that own propery within Dakota Hideout(the neighboring development) have informed Four Mile Ranch News that the land where Mr Jeffery built the driving range for his lavish golf course actually is not part of the Four Mile Ranch development. It is actually a 35 acre lot in the Dakota Hideout subdivision that he purchased. Apperently Mr. Jeffery and his famed golf course architect Jim Engh www.enghgolf.com are not the best planners with it comes to land use. It looks like the driving range was an after thought. Thus requiring the attempt to purchase neighboring land in another sub division to make the driving range actually happen. So why is the driving range not green like the rest of the course we asked the sources. The reason is, Mr. Jeffery is not allowed to use city water on county property. Since Dakota Hideout is not part of Canon City, its in the county. This posed a problem for Jeffery’s as Dakota Hideout has specific guidlines in its covenents that do not permit this kind of activity.
One source told News that “this is just another attempt by Ross Jeffery to bully his way around to get what he wants without any regard for others. He thinks that since we are a small development that we will not have the resources to fight him legally. Well from what we see and here in the community, he doesn’t exactly have too many pennies to rub together either.”
Calls to Four Mile Ranch for comment have not been returned.