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)
