Fyre Lake property sold

Robert Blackford/Editor

The Fyre Lake real estate (not the golf course) was sold at a sheriff's sale at the Mercer County Courthouse Thursday morning at 9 a.m.

There was only one bidder.

Steve Saunders of Saunders Real Estate Solutions made the purchase for $850,000. Saunders has been acting for the receiver (Bank of Commerce) for the property. He was the only bidder. Saunders said he was making the purchase on behalf of the plaintiff. "Now the property will be sold to a developer who can develop it properly."

Saunders said there were several interested entities and he believed there would be movement as soon as possible. The sale encompassed 180 lots on about 100 acres according to Saunders.

Rob Derry of Galesburg, a part interested in the project noted that the project is finally nearing an end to the process three or four years since Country Bank closed. "The bank of Commerce, is free to work with buyers interested in the property.

Derry wondered about the ability to do anything for this sale season. It's tough to sell in Sherrard with snow on the ground. "It's not any less attractive though. The economy is better. People and jobs are better. It's 20-30 minutes from the Quad Cities. I've made the drive from Galesburg many times. It's 37 minutes. That's nothing. We don't think the location is a deterrent."

The Fyre Lake Golf Course will be sold at a sheriff's sale June 4 in similar fashion. The real estate and properties are tied together in the mind of Saunders.

The Fyre Lake properties ended up with the FDIC after Country Bank closed in October of 2011.