Laurel Cove, TN
When Lehman Brothers went bankrupt in 2008, they also defaulted on a $121 million construction loan for a 1,120-acre golf course community in Williamson, Tenn. The first nine holes of the golf course were completed, 500 of the 800 lots were sold to builders, and the clubhouse, day spa and fitness center sit half-finished. The builders couldn’t start construction because the water and sewage infrastructure was never completed. The development fell into foreclosure, and on-site realtor, Keith Sefton, says that the property is still looking for an investor.
