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Soon thereafter, Regency Group filed for bankruptcy.
Several years later, on March 3, 1993, the J&L Higby Trust
(Trust) purchased Regency Park from foreclosure proceedings
instituted against Regency Group.
On October 31, 1994, the Trust sold the 1,050-acre portion
of the original 1,776-acre Regency Park parcel to petitioner for
$2.9 million. The special warranty deed from the Trust to
petitioner reflected that the conveyance was made subject to the
Tap Fee Agreement, the Intergovernmental Agreement, and the
Annexation and Development Agreement. At the time of purchase,
petitioner and the other members of JCLC were aware that
residential housing was planned for the 1,050-acre parcel and
that Triview was obligated to construct infrastructure
improvements on the property.
Approximately 1 month later, on December 7, 1994, petitioner
quitclaimed the 1,050-acre parcel to JCLC for the same $2.9
million purchase price and the property was renamed Jackson
Creek. At the time of this transaction, the intent of JCLC and
its owner was to hold the property as a long-term investment.
Conforming to that intent, JCLC did not advertise the Jackson
Creek property for sale or hire sales agents or representatives
to sell the property.
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Last modified: May 25, 2011