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Thursday, May 26, 2011 - 12:19pm

Reynolds Plantation In Limbo

The Reynolds Plantation golf community faces an uncertain future after a failed attempt by developers to secure a financial bailout from residents.

Last month property owners rejected a plan to buy the community’s golf courses, marinas and clubhouses from Linger Longer Developments.

The deal would have helped the company’s owner, Mercer Reynolds, settle a $45 million dollar bank debt.

Now the property has been turned over to a trustee who will operate the community and shop it around to potential buyers.

Homeowner Michael Lefkove is a member of the newly formed Reynolds Independent Property Owners Coalition. He says residents have largely been kept in the dark:

"There’s some speculation that Mercer Reynolds may come back into the picture if he can find the cash to make a deal with the banks, so I’m sure there’s a lot of negotiation going on with the bank that we don’t know about and one of these days they’ll announce something about what’s going to happen with this place."

Lefkove, who voted against buying the amenities, says residents might consider changing their minds if the $45 million price tag were reduced.

But, he says, the community will likely be sold to a new developer as a package deal including all of the amenities.

The Lake Oconee development started losing money in 2008 when home sales began to dwindle. It's home to about 3600 people.

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