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More Terrell Creek property headed to auction

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Editors Note: The auction of the more than 30 acres of land mentioned in this story are up for auction today, March 25, at 2 p.m. on the steps of the Greene County Courthouse.

More than 30 acres of land west of Wilson’s Creek National Battlefield that was once owned by Terrell Creek developers Missouri Partners Inc. will be auctioned on the steps of the Greene County Courthouse on March 25.

Great Southern Bank, the holder of the note, has begun foreclosure proceedings on the property, which comprises two tracts of land immediately south of Cowherd Construction Co.’s Lakes at Shuyler Ridge subdivision on the north side of Farm Road 194. The 31-acre parcel was sold to Branson-based White River Capital LLC on Sept. 11, 2009.

“It’s not a tremendously large parcel at this point. It is essentially the Greene County portion of what was once the Terrell Creek development,” said Neil P. Guion, the trustee with L&GST Corp. in charge of the sale.

According to the Greene County Assessor’s Web site, the property was appraised in 2010 at $7,500. Guion said he wasn’t aware of any structures on the property.

The original deed of trust on MPI’s collective properties in Greene and Christian counties shows a recorded value of $9.5 million, according to the Trustee’s Sales Index in the March 10 issue of The Daily Events, which lists properties headed to auction.

Attempts to contact White River Capital were unsuccessful. White River Capital is listed in the deed as having the mailing address of 101 Adair Road in Branson. That address is also the address listed for Emory Creek Ranch. The automated phone message at that number offers an extension for Steve Redford, president of MPI, who has been the public face of the Terrell Creek development plans. Redford did not return calls for comment by press time.
On Dec. 23, more than 1,300 acres of foreclosed properties known as Terrell Creek Ranch were auctioned in Christian County. Arvest Bank took possession of that property for $7.52 million.

According to Springfield Business Journal archives, MPI’s Redford owned 2,240 acres in Christian and Greene counties in 2004 that were slated to be apart of the Terrell Creek development. Since that time, portions of that land have been sold. In Greene County, Redford owned about 250 acres of land before more than 200 acres were sold to Cowherd Construction, which became the Lakes at Shuyler Ridge.

Trent Cowherd, co-owner of Springfield-based Cowherd Construction, said the land owned by White River Capital is separate from the Lakes at Shuyler Ridge, and the Cowherd property is not in foreclosure.

Kelly Polonus, a spokeswoman for Great Southern Bank, said she could not say how much money was owed on the property up for auction.

“Because of customer confidentiality, I really can’t discuss our customer relationships,” she said.

Guion said he expects Great Southern Bank officials to be present at the March 25 auction, but Polonus said she did not know for certain if the company was planning to attend.

Attorney Dan Weiland, a trustee and partner at Weiland & Condry LLC, said in January the vast majority of properties in foreclosure are bid on by the holder of the note.

MPI was founded in 1993 as a commercial real estate development company and has worked mostly on projects in Taney and Stone counties including StoneBridge Village and The Community & Marina at Red Rock Bluff.[[In-content Ad]]

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