Thursday, April 21, 2005

Update: Boot Ranch

We wrote about Hal Sutton's swanky project near Fredericksburg, called Boot Ranch, a while back. There was some controversy because, as we wrote, "The project is behind schedule and has run into some funding issues because of a dispute taking place between the state of Louisiana and one of the project's investors, the Municipal Police Officers Retirement Association."

That controversy is getting lots of play in Louisiana, where the Baton Rouge newspaper is reporting that MPERS, the retirement association, has already loaned the Boot Ranch developers $30 million without seeing any return. The developers have failed to meet deadlines to show home and golf club membership sales, and now say they need even more money.

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