The auction will be held at 10 a.m. central time at Bon SecourVillage's welcome center at 300 Waterway West Blvd. The land isfronts the Intercoastal Waterway and US Hwy. 59. Walter Driggerswith Tranzon Driggers in Ocala, FL, says 5% of the bid is requiredto participate. "If there are competing bids, we'll have abest-and-final auction at 11 a.m.," says Driggers, who is marketingthe property and who will oversee the auction.

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According to an article in the Mobile Press-Register, US District JudgeKristi DuBose ordered the land sale so Atlanta-based developer BonSecour Village LLC could pay $20 million that it owes to WachoviaBank, just one of several banks that financed the project. Thearticle says the developers face lawsuits from others, includingRegions Bank, unpaid real estate agents, builders andlandscapers.

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[IMGCAP(2)]"A welcome center has been built and the marina hasvertical pilings--just no walks on it," Driggers tells GlobeSt.com,adding "around the marina area there's room for retail, restaurantsand residential." He says a little farther north near Country Road4 that land has been set aside for a golf course. It is zonedmultifamily and commercial.

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Driggers says the land has been sectioned into five parcels, thesmallest measuring fives acres and the largest taking up more than500 acres. He says the land is being marketed this way to offer avariety of options to buyers. "If someone has an originaldevelopment plan for the entire parcel, he can buy it all," hesays. "If someone just wants to develop the marina or high-densityresidential around the golf course near CR-4, they can do that.We're dividing it if different buyers have different concepts."

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Bon Secour Village LLC began developing its "town within a town"in 2006, building a welcome center and developing somesingle-family lots. But in 2007, financial difficulties andlawsuits began piling up. Although the developers tried to get theproject back on track in early 2008, a Chapter 11 bankruptcy wasfiled at the beginning of last summer.

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Driggers says things are slow now, but the land is a goodopportunity for developers looking to the mid- to long-term future."People interested in this project understand anything started nowwould be coming on line when the economy turns around," headds.

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