News Article | 7/15/2010

Spanish Oaks headed for auction block

The sprawling 900-plus-acre Spanish Oaks residential and golf community is headed for the auction block next month after developers failed to settle a $32 million loan.


“We remain hopeful that continued negotiations with the bank and the Golf Club members will result in an agreement to transfer control of the Golf Club to the membership group,” Hillwood Development Co., one of three owners of the project, said in a statement.


“We regret any inconvenience or concern the current filing might cause to residents and members of the community.”


Lender Comerica Bank reportedly foreclosed on the property at Bee Caves Road on Tuesday. The auction is set for Aug. 3.


The project, partially-owned by Discovery Land Co. and CCNG Realty Inc., was originally planned for about 436 homes.