Tuesday, July 14, 2009, 7:00am CDT Modified: Tuesday, July 14, 2009, 7:22am
Brentwood's Whetstone falls in foreclosure
Nashville Business Journal - by Jenny Burns Staff Writer
A Brentwood housing development with million-dollar homes, Whetstone, is in foreclosure.
Developers say this is the first major development in Brentwood to go into foreclosure during the current recession, and the property owners had been trying to sell the project.
Developer Sedona Investments LLC bought the 157-acre property in August 2005 for $9.4 million. James Cross, who is listed as the developer of Whetstone who took out the loans, did not immediately return calls Monday.
Homes in Whetstone, which is located off Edmondson Pike in Brentwood, start at $900,000.
The 141-lot development was appointed to a successor trustee in June, according to Williamson County records.
The development was sold on the Williamson County courthouse steps on Thursday to Fifth Third Bank for $7 million, says Tony Marble, a real estate agent and builder who is selling a home in Whetstone and attended the courthouse sale Thursday.
The Whetstone foreclosure has not yet been recorded in county records.
Fifth Third was the property’s lender, making at least two loans to Sedona for $6.1 million and $4.5 million, according to Williamson County records.
Four homes have been built in Whetstone. One of them is occupied, and the remaining three are for sale, Marble says.