Michael Ross Ousted from the Rarity Bay POA
Something’s gotta give and it wasn’t gonna be from real estate developer Michael Ross of Rarity Bay. His lack of gracefully bowing out made it obvious to me, he was not about to give up his controlling interest in his Eastern Tennessee lake communities. After the bankruptcy proceedings, two lake communities are still standing out of nine, Rarity Bay and Rarity Pointe in Loudon.
The good news today, things are turning rosy pink at Rarity Bay. The court appointed receiver Sterling Owen, made a smart decision last week ousting real estate developer Michael Ross, his niece Rebecca Jordan and two board of directors; Gary Consorto and Greg Baker. Owen, like most property owners, felt the interests of the Association would be best served if these folks were removed from the board. We’ve been informed that Sterling Owen is a retired FBI agent of 22 years who headed the Butcher banking scandal investigation, at the time the 3rd largest bank failure in the US. The Butcher's banking empire spanned Tennessee, Kentucky and Georgia. Their headquarters was in Knoxville. Owen then went on to become Chief of Police in Knoxville.
After our annual visit to Rarity Bay this past April, we reported that American Harper Corporation out of Nevada had taken over the Rarity golf club. We question how the Rarity Bay property owners feel about this take over, as things still appear to be hush hush. This week, documents were provided to us informing us of two bank foreclosure auctions at Rarity Bay; one on July 12, 2012 for the Rarity Bay Equestrian Center and the other is scheduled for August 15, 2012 for the three community boat docks owned by Ross. Despite this forced financial housekeeping, the negativity hasn’t stopped savvy buyers from bird dogging property at Rarity. From what we can determine, there have been 12 arms length closed sales since January 1, 2012.
We believe Rarity Bay is one of the fine Eastern Tennessee lake communities for buyers searching for Loudon real estate. We encourage Rarity Bay property owners who need to sell their home, to be more patient and not give away the farm. Property owners have expressed to us the difficulties they are having selling their homes because of the Michael Ross stigma. We're confident the soon to be elected Board of Directors will accept the challenge of bringing confidence back to Rarity Bay. We're anxious to see how the new board will sort out all the golf club membership issues and costs as some homes came with transferrable memberships and some did not. From what we know and have heard from others, real estate developer Michael Ross certainly made things complicated when it came to golf club membership. The Rarity POA does not control the golf club amenity as the golf club is now independently owned by American Harper Corporation. We will keep you posted on the club's progress.
There are so many attributes which make this Eastern Tennessee lake community special. The incredible views of the Great Smoky Mountains sit right on the top on my list. Second, boating on one of Tennessee’s best lakes, Tellico Lake. Rarity Bay has a lot to offer to buyers searching for Loudon real estate. You can find homes for sale at Rarity Bay under $300k along with lakefront homes exceeding $1 million. If needed, don’t be afraid to put on your rose colored glasses when considering Rarity Bay. Things are looking more beautiful on Rarity’s horizon.
If you are considering relocating to Eastern Tennessee, ask is to introduce you to our trusted colleague who lives on Tellico Lake who can show you Rarity Bay, Tellico Village and any Loudon real estate. Write info@communityfinder.com or call us toll free at 866.384.1799.
