Regions Bank has taken ownership of Greystone Development Ltd. of Cabot and plans to sell its two golf courses and undeveloped land, according to a Regions executive.
Regions took the property in lieu of foreclosure against Greystone's developer, Glenn Dickson, a retired Jonesboro orthopedic surgeon.
Dickson began development of the 1,850-acre residential-golf project in 1994.
Union Planters Corp. filed a foreclosure lawsuit in January against Dickson, but the lawsuit was dismissed June 30 when the doctor relinquished ownership of the development. Dickson owed Union Planters $3.3 million, according to the lawsuit filed in Lonoke County Circuit Court.
Union Planters was acquired by Regions this year.
According to Lonoke County real estate records, Dickson also had an outstanding mortgage with Regions Bank on some of the Greystone property. He took out the 1997 mortgage for $1.3 million.
Messages left at Dickson's former medical office in Jonesboro were not returned. His attorney, James Dowden of Little Rock, did not return phone calls. Lynn Wright, group president of Regions in Little Rock, said the bank does not have the two golf courses and the undeveloped property listed for sale with a real estate agency. The bank is instead contacting potential buyers privately.
Wright declined to disclose the price Regions is seeking.
Dickson bought the property in 1994 and invested more than $9 million in the development of the land and construction of the Mountain Springs golf course.
He hired Kevin Tucker, a Nashville, Tenn., golf architect, to design the par 72, 7,051-yard course.
Tucker later designed the par 72, 7,397-yard Cypress Creek course.
About half of the 1,850 acres has been developed, Bill O'Brien, owner of Pioneer Development, said Friday. Pioneer Development sells lots and builds homes in Greystone.
"It's a very prosperous, growing area," O'Brien said of Greystone.
O'Brien is building $160,000 to $220,000 garden homes at Greystone, but he said prices range up to $750,000 for homes that other contractors are building in the development.
Lots sell for $30,000 and up, O'Brien said.
About 350 homes have been sold in the development and another 40 to 50 are under construction, O'Brien said.
Greystone was designed to be a "new town" development, with residences, commercial facilities, churches and other amenities, according to its Web site. It was planned to accommodate up to four golf courses.
Source: Arkansas Democrat-Gazette (Little Rock)
