The posh golf-course community that bankrupted C.C. Myers is up for sale again.
A tentative deal to sell Winchester Country Club in the Sierra foothills community of Meadow Vista has fallen through because of a disagreement over price.
An Arizona development firm named Granite Mountain Capital won an auction for the right to buy the project from Wells Fargo & Co. late last fall. But the Arizona firm has backed away because of pricing issues, said Granite Mountain managing director Mark Isakson.
“Their opinion of the price, and the market’s opinion, is probably a little different right now,” he said. He said Granite Mountain hasn’t given up entirely on Winchester.
“We still like the property,” he said.
Myers, the famed Sacramento-area highway contractor, lost Winchester to Wachovia Bank in a foreclosure proceeding last year. Wachovia has since been taken over by Wells Fargo.
Still owing about $45 million, Myers filed for personal bankruptcy under Chapter 7 of the bankruptcy laws several months after the foreclosure. The bankruptcy doesn’t involve his contracting company.
Myers spent nearly 20 years planning and developing the 1,200-acre project, on a former hunting preserve near Interstate 80. He envisioned Winchester as a high-end haven for Bay Area and Los Angeles refugees willing to pay up to $1 million for a home lot.
C.C. Myers lost the Winchester Country
Club in a foreclosure to Wachovia Bank last year.
