Foreclosure Sale of 8,425 Acres in Western Flagler Co. October 4th
Crescent Timber LLC purchased the property for $54,405,000 in 2005. The Flagler Property Appraiser’s website lists the 2011 preliminary ”Just (Market) Value” $13,279,409.
Palm Coast, FL – September 28, 2011 – The October 4, 2011 foreclosure sale at the Flagler County Clerk of Courts office will include over 8,000 acres in western Flagler County. Farm Credit Bank of Texas is foreclosing as a result of the default of property owner Crescent Timber LLC. County property records reveal that Crescent Timber owns 30 contiguous parcels totaling 8,425 acres bounded by Crescent Lake, SR 100 and Daytona North.
Crescent bought the property from Treesource LLLP in 2005 for $54,405,000. A mortgage for $36,000,000 was recorded at the time. The owner once talked to GoToby.com about plans to develop a faith-based residential community there.
View Crescent Timber Property in Western Flagler County, FL in a larger map
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