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Judge orders Bon Secour Village sold at auction

Associated Press - October 1, 2008 9:04 AM ET

MOBILE, Ala. (AP) - A federal judge in Mobile has ordered that the Bon Secour Village property in Gulf Shores be sold at auction to pay more than $20 million that developers owe to Wachovia Bank.

U.S. District Judge Kristi DuBose says the lender, through a court-appointed receiver, can sell about 880 acres. Sealed bids are due by Nov. 19.

The highest bidders will be invited to a live auction planned at Bon Secour Village sales center that same day at 11 a.m.

The $500 million development on the Intracoastal Waterway has been mired in financial and legal problems for the last year.

Wachovia says it hasn't been paid since June 2007. Bon Secour Village's lawyer, David Anderson, says 2 of the developers are still interested in completing the project.

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