No bids, so investors gain country club site

An investment group based in Louisiana this week obtained clear title to the Creekside Country Club property on Barnett Shoals Road in Oconee County and plans to sell it.

Southeast Investment LLC took ownership of the property after the land failed to generate any bids at a public foreclosure auction Tuesday. The investment group, which took control of a $1.6 million loan on the 189-acre property in March, held the auction on the Oconee County Courthouse steps as standard procedure to obtain clear title to the land, said Brent Powell, a project manager with Southeast Investments.

"The auction is part of the legal requirement," Powell said. "You have to do that to take title of the property."

Southeast Investment bought the loan from the Federal Deposit Insurance Corp. last year after the FDIC and the state Department of Banking closed the Community Bank in Loganville, which made the original loan. The FDIC sold the Creekside loan and 17 other properties to Southeast Investment.

Southeast Investment plans to sell the Creekside parcel as a golf club or possibly for some other development, Powell said.

"Our plan is to market it as a golf course or as simply as real estate," Powell said. "We don't know what direction that will go in at this point."

Several companies have expressed interest in the land, and one individual has looked at the property, Powell said.

Creekside was founded in the late 1950s as Green Hills Country Club, a nine-hole golf course, said Russell Faulkner, a longtime member of the g

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