Lord of the REOs
By Joel Burslem, Friday, February 6, 2009.Bookmarking Sites
In another casualty of the housing bust, The Shire, a Lord of the Rings-themed development in Bend, Oregon, has fallen into bank hands, according to the The Bend Bulletin.
The 6-acre property, which only has one-partially completed home and 14 vacant lots, is now on sale for $1.3 million. A public auction in December resulted in no bids which forced lender Umpqua Bank to foreclose in mid-January.
Umpqua had originally loaned developers $3.4 million in 2004 to build out their fantasy "village".
The Shire was conceived as a place where Lord of the Rings enthusiasts could congregate and, as such, the codes, covenants and restrictions of the project reflected this goal.
The CC&Rs promoted the use of English architecture, including unique stonework, artificial thatched roofs, terraced gardens and a network of streams and ponds with a pathway leading to what was called The Ring Bearer’s Court.
In all likelihood however, this vision will never be realized, according to the listing agent.
“The bank is trying to sell it to a single developer,” he said. “The CC&Rs could, in most probability, change.”
Say it ain't so, Bilbo!
(h/t re: PDX)
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
You must login or register to post a comment.
Submitted by Erica Ferencik on February 6, 2009 - 5:03pm.
This is hilarious. I'd love to eyeball those covenants. I mean, what could be IN there? No pets bigger than Gollum...
Submitted by Antonio Ciccarone on February 8, 2009 - 7:42am.
I don't know if it's a bad idea, maybe the location, planning and timing is, but I know plenty of people obsessed with these books and movies.
Even their website is down. http://www.bendshire.com/
Submitted by Jonathan Phan on March 6, 2009 - 9:37am.
REO's are everywhere!
Jonathan Phan
http://www.jonathansellshomes.com/
Submitted by Jeff Stegich on March 24, 2009 - 8:35am.
Aww, that's so sad. Hope someone comes to the rescue!
Jeff Stegich, Realtor(R)
Richardson Real Estate
Submitted by Ron Redlich on April 14, 2009 - 6:46am.
A Mordor project might do better in these times.
commercial real estate warehouse space office space lease
Submitted by Alex Grex on April 29, 2009 - 5:28pm.
Its not looking to good in our area. But think about all the reo buyers if you're a nicher.
Alex Greben
Portland Real Estate Agent.
http://www.nwmove.com/
Submitted by Susan Stoegbauer on May 19, 2009 - 8:35am.
I agree with Erica, this is hilarious. They could make a few bucks back if they published those CC & R's as a Guide to living in the Shire. When I was in High School and thought The Lord of the Rings were the most awesome stories ever written I bought every companion book there was. I can't believe I just admitted that. LOL! Brought to you by Brewer Caldwell
Submitted by Patty Redlich on June 29, 2009 - 8:42am.
Frodo will have to find another place.
Orlando real estate Apopka real estate Orlando homes for sale Apopka homes for sale