|Sounds like the wheels are about to run off the
Rarity Pointe bus if you believe the charges being made by one of the
partners in the development fiasco.
Normally the failure of a land development company isn't a topic that would get a lot of press here unless some how the tax payers are getting the shaft. Like Tennessee National, Ed Loy's Creekwood and the Town Creek development that have either benefited from tax payer money or are trying to.
According to two suits filed Rarity Pointe partner, Robert Stooksbury, developer Mike Ross has bilked him out of at least $9,000,000.00 and probably more. Stooksbury has filed suit asking for dissolution of Tellico Landing Company LLC, the primary entity responsible for the development of Rarity Pointe. This story wouldn't be that remarkable to most readers except for other players that add local interest.
Apparently this Stooksbury and Ward Whelchel were the original owners of the property that is now Rarity Pointe. Back in 2001 for some reason they let Mike Ross join their club and according to Stooksbury, it's been down hill ever since. In his lawsuit, Stooksbury lays out a list of charges against Ross including lying to buyers, conspiracy, breach of contract, and lots more. And apparently there is one loan with Sun Trust Banks for 4.9 mil. that is now in default.
But here's where it gets local. One of the charges made by Stooksbury is that Assurance Title Company "routinely prepared two sets of settlement statements with differing entries....one set that showed actual, true figures, to be given to the seller and one with false and misleading figures, to be given to the purchasers." Let's see, who are the owners of Assurance Title company? Mike Ross, Tracy Riedl and Lenoir City judge, Terry Vann. Vann also served as the attorney for Assurance Title. Vann and Ross are currently involved in a federal suit over Assurance Title company.
Then there is the matter of the little land swap executed by Ross and TRDA, Tellico Reservoir Development Agency, whereby Loudon County got shafted out of hundreds of thousands of dollars in fees and has now spent nearly $25,000.00 in legal fees in a lawsuit with TRDA. And of course who can forget the $11,000,000.00 appraisal giveaway by former Loudon County Assessor Doyle Arp.
Ross and his developments have been expensive for the tax payers of Loudon County.
PS Looks like another Rarity project is in trouble. The Rarity Rivers project in Dayton may have run dry. Click Here For Story