Valley View in the Drink

American Express Investments has taken possession of the residential portion of Valley View Golf Community in Farmington. The 18-hole golf course is still owned by Neibur Golf Development Inc. of Colorado Springs, Colo.

But the residential portion, organized as Valley View Golf Properties LLC, defaulted on its bond payments. American Express had bought more than $7.1 million worth of bonds from Bank of Oklahoma that were used to finance the project.

Developers of what was to be the $20 million, 380-acre project included Gary Hirshberg, Susan Yermack and J.C. and Sharon Selph.

Valley View’s $11 million phase I was to occupy 270 acres including the 7,085-yard golf course, 165 single-family home sites and 332 condominium townhomes.

It’s not yet clear if American Express plans to hold on to the property or sell.