The now defunct Hank Haney Golf Ranch that DR Horton Homes walked away from the closing table at the last minute has been sold.But Fort Worth-based Horton - which has suffered financial setbacks with the slowing housing market - backed out of the $5.6 million deal at the last minute. Mr. Haney had operated the golf ranch for 15 years. The same property at one time belonged to the late World War II hero and movie actor Audie Murphy.
Funny how the Collin CAD bumped the appraised value from $5,500,000 to over $10,000,000 this year ($181,000 an acre). That seeems to happen alot when there is a possible unknown purchase price out there. Once again, the CAD is fishing for the proposed sale price. It will be interesting to check back in a month or so and see what the adjusted value will be. Map
DALLAS, May 10 /PRNewswire/ -- Behringer Harvard, a Dallas-based commercial real estate company, and David L. Gray Investments, a real estate development company also headquartered in Dallas, announced today the purchase of an approximately 56-acre parcel of land, formerly the Hank Haney Golf Ranch, in McKinney, Texas."This purchase will allow us to create value by submitting a plan to 'downzone' the property to allow for a lower-density single-family development," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "In addition, the property has the potential for appreciation during this process, which could take up to a year."The property in McKinney is located at 4101 Custer Road near State Highway 121. Significant improvements to State Highway 121 provide excellent access to D/FW International Airport. This parcel of land is adjacent to the 2,000-acre Craig Ranch mixed-use development that includes the TPC Craig Ranch Golf Course, a Wellstone Communities project with Kenneth Cooper and the Michael Johnson Olympic Training Center.
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