Three of the NASCAR celebrities who endorsed the Sheridan Ridge resort development have returned their lots, and the other two have drastically reduced the price paid, county records show.
Quit-claim deeds recorded Dec. 30 indicate that drivers Denny Hamlin and Tony Stewart and crew chief Greg Zipadelli gave their lots back to Sheridan Ridge Private Reserve LLC, the North Carolina company formed in 2006 to develop a NASCAR-themed community in the region.
Deeds of correction were entered the same date for their property as well as lots owned by driver Elliott Sadler and FOX Sports personality and former crew chief Jeff Hammond, reducing the price of each lot from $323,205 to $50,000 – just enough to cover the lot release fee.
“Certain infrastructure improvements to the Property were never completed,” according to the deeds of correction, “and the value of the Property on the recording date was actually $50,000.”
Over the last two weeks, none could be reached for comment.
“It sounds like personal business matters and obviously, like any organization, we wouldn’t comment on private matters regarding our employees,” said Chris Helein, of Joe Gibbs Racing, which includes Hamlin and Zipadelli.
No other lots in Sheridan Ridge have been sold, according to county records.
In what has been a controversial project from the start, Sheridan Ridge selected a 1,400-acre site on the steep slopes of Walker and Little Brushy mountains to build a multi-million-dollar residential development with more than 500 houses and a 53-acre “village center” featuring shops and amenities.
Smyth County residents packed a public hearing on rezoning the property. Many saw the development as a potential source of tax revenue and a boon for economic development. But many others were concerned that the project, to be built on steep mountain woodlands, would damage the natural environment and tarnish the community’s rural character.
But in early 2007, the company received the requested rezoning. Later that summer, Sheridan Ridge closed on the $12.7 million land purchase with the help of $6.5 million borrowed from a hedge fund.
Among the marketing features for the development – envisioned by North Carolina home builder Lou Ann Earnhardt, who is not related to the Earnhardt racing family – was a plan that NASCAR celebrities be among the residents.
According to county records, Sadler owns Lot 6 and Hammond owns Lot 9 in the approved subdivision, which is on the side of Walker Mountain and represents the development’s first phase.
Although the subdivision plat and erosion and sediment control plan were filed and approved by Smyth County more than a year ago, there has been no construction on the site.
The latest sign that the project was moving forward came nearly a year ago, when Earnhardt held a March news conference with Hammond, Stewart, Sadler, Hamlin and Zipadelli, all of whom gave their endorsement, along with Virginia Secretary of Commerce and Trade Pat Gottschalk.
Earnhardt said then that building lots would be offered for sale within 60 days.
Representatives of the Sheridan Ridge Private Reserve, including Blacksburg lawyer Jeff Mitchell, who represents the developers, either declined comment or could not be reached to discuss the project’s status.
Mark Martin, chief executive officer of Sheridan Ridge, said recently that the slumping national real estate market has slowed the project.
“The biggest issue over the past 11 to 12 months has been the economy,” Martin said. “Every bank we’ve talked to has basically not been able to offer loans for any developments.”
Bristol Herald Courier
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