Landowners dissolve pact with Elvis resort developers
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Posted 12:30PM on Tuesday, December 31, 2002
HORN LAKE, MISSISSIPPI - The owners of a ranch where a $600 million resort dedicated to Elvis Presley was to be located have dissolved the deal after developers missed two payments. <br>
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The McLemore family, owners of the Circle G Ranch, terminated the contract after no payment was made when due the week of Dec. 16, said Gerald McLemore, a spokesman for the family. <br>
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The ranch is on a 155-acre spread at Goodman Road and Mississippi 301 in Horn Lake. <br>
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The developers missed another payment after that, McLemore said. <br>
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The agreement required the developers a partnership based in Alpharetta, Ga. to make $1,000-a-day payments until they closed with a $6.5 million purchase. <br>
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``Our agreement was that they were to make the payments every 10 days,'' McLemore said. ``When they failed to make the payments, the contract ended. Nobody is mad at anybody, and we're still talking, but for right now, we don't have a contract on that property.'' <br>
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Circle G Ranch Resort LLC developers allowed an option to buy 317 acres next to the Circle G property to expire in September after missing payments on that agreement. That land is owned by the Hugh Dancy Co. <br>
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The 317-acre tract, which is east of the original Circle G Ranch land, would have been the site of one of two championship golf courses. <br>
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Vernon Simpson, vice president for the Dancy company, said Dec. 19 he hadn't heard anything from the developers since the option expired. <br>
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McLemore said he still hopes the resort will be built. <br>
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``I'd like to see it for the significance of the property, and I'd like to see it as an attraction for the area,'' he said. <br>
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The developers proposed building a golf and entertainment resort keyed to the property once owned by Elvis Presley. Plans included two golf courses, two hotels, a large auditorium, theaters and other facilities.