Circle G Contract Ended

The following is from the December 31. 2002 Memphis Commercial Appeal, Desoto Edition. The option contract to sell the Circle G Ranch as a cornerstone for a $600 million resort has been dissolved after developers missed two payments. The McLemore family terminated the contract after developers missed a payment due the week of Dec. 16, said Gerald McLemore, a spokesman for the family that owns the 155-acre ranch at Goodman and Miss. 301 in Horn Lake. The developers missed another payment after that, he said. 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. "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.'' Attempts to reach the developers - Circle G Ranch Resort LLC - were unsuccessful.
Source: Commercial Appeal / Updated: Jan 1, 2003 
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