On Thursday, a local business partnership called Salem Pointe Capital closed on the sale of properties around Rarity Bay. The sale was worth a total of $5.75 million. The purchase includes 172 lots, 11 condos, the golf course and clubhouse and 27 acres of undeveloped property.
Bobbie and Dave Polacsek have lived here 13 years.
"When we first moved here, there were about 100 houses. Now the number is approaching 500, so there has been quite a bit of growth," said Dave Polacsek.
Sam McCamy of McCamy Construction is one of the partners in the business.
"It is really a fabulous piece of property and community. Very vibrant. There are probably 500 homeowners in there and they love it. It's beautiful. The golf course is beautiful, the lake is beautiful, you can see the mountains from there," said McCamy.
He says they picked Rarity Bay because of the opportunities it holds.
"As far as the Rarity properties, this was the jewel in the crown. The Rarity Bay was. We just hope we can take it where it needs to go," said McCamy.
Mike Ross developed multiple East Tennessee sites under the Rarity brand name in the 2000s. Financial troubles struck about seven years ago.
Ross and his company Rarity Realty faced federal charges and a multimillion-dollar lawsuit. The lawsuit claimed Ross used property development funds for his personal benefit and ultimately led to the sale of the property.
Prosecutors eventually dropped the charges against him.
"We all were very hopeful when things started to turn against him, if that's the right word," said Dave Polacsek.
"It impacted the community and its financial status and the stability," said Bobbie Polacsek.
The Polacseks say they look at the new ownership with cautious optimism.
Salem Pointe Capital representatives are starting to meet with homeowners. They hope to develop future plans based on what people want.
Other partners include Michael Ayers with Cushman & Wakefield-Cornerstone, Doug Yoakley of Pershing Yoakley & Associates, Timothy Williams of 21st Mortgage Corporation, Spike McCamy with Sperry Van Ness-R.M. Moore, and Matt Daniels of Apex Bank in Camden, Tenn.