Posts filed under ‘Ross Jeffery’
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 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