Down in the Valley

We’ve been hearing for months that American Express Investments may have found a local buyer for the residential portion of Valley View Golf Community in Farmington. Bill Lazenby, the Fayetteville developer, said he made an offer but is no longer involved in the deal. We’ve heard several other names, but it doesn’t sound as though anything is final.

Valley View’s $11 million first phase alone was 270 acres and includes a 7,085-yard, 18-hole golf course. The course is owned by Neibur Golf Development Inc. of Colorado Springs, Colo.

American Express got the property last November when Valley View Golf Properties LLC defaulted on its bond payments.

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

One thing’s for sure, the next buyers will get a bargain.