Cauley Makes Mountain Pass

In September we revealed Little Rock attorney and real estate investor Gene Cauley as the “white knight” that purchased Tom Terminella’s 440-acre Mountain Ranch development in Fayetteville for $17.14 million.

Cauley has already turned a nice profit on a chunk of the property, which had 118 developed lots when embattled Terminella sold it to relieve debt obligations while he fights a foreclosure suit against Metropolitan National Bank.

Terminella has said the loss he incurred by selling the property in total rather than developing it himself will be on “page one” of his $50 million damage claim against MNB.

Mark Rouse and Paul Walker, both of Fort Smith, recently paid Cauley $15.4 million for 20 parcels of the development through their Rouse-Walker Properties LLC on Oct. 23.

Walker owns Cobblestone Homes  and has housing developments throughout Northwest Arkansas. The company Web site touts Cobblestone Crossing coming in 2008 with houses 1,800 SF to 2,000 SF.