Developer selling land in Loudon
115-acre parcel will be sold to satisfy foreclosure, unpaid taxes
Hugh G. Willett knoxnews.com
A 115-acre parcel of land in Loudon County owned by Maryville developer Mike Ross and the estate of his brother will be sold to satisfy a foreclosure and unpaid taxes.
According to a sales notice published in a Loudon County newspaper the land near Tellico Lake was conveyed to Michael L. Ross and Dale M. Ross from Tellico Lake Properties in May 2003.
The land was used to secure a $1 million loan from Charles and Dorothy Sloan of Madisonville. Charles Sloan confirmed that the land was being sold to satisfy a default on the loan.
Ross, developer of the popular Rarity communities in East Tennessee, said he and his late brother Dale purchased the land from Sloan and that the loan was used to pay for the land. He confirmed that the loan went into default and that the purpose of the sale is to clear up his brother's estate.
The 115-acre parcel should be worth well over a million dollars, but there is no way to tell what it might bring under foreclosure circumstances, said Tellico Lake Realtor Betty Clark.
"It's a very valuable piece of land," Clark said. "There is a lot of frontage on (highway) 411 that would be ideal for commercial use, maybe even a shopping center."
A nearby 20-acre parcel of land currently is listed at $1 million, Clark said.
The Ross tract, located at the intersection of US 411 South and Trigonia Rd., will be sold to the highest bidder on November 5 at 11 a.m. at the Loudon County Courthouse in Loudon.
Also listed as interested parties are First National Bank, Deere Credit Inc. GreenBank, SunTrust Bank, Regions Bank, First Bank, First State Financial Inc., Robert Stooksbury Jr., Christopher A. Hall, David W. Long and members of the Ross family.