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GRAND RAPIDS, Mich. (WOOD) - Just days after a successful music festival on the grounds of the Double JJ Ranch in Rothbury, a South Dakota bank called in millions of dollars in loans.
Bank First of South Dakota claims the owners of the Double JJ Ranch haven't paid more than $17 million in loans. The loan was due at the end of February.
In a lawsuit filed in Federal Court in Grand Rapids, the bank also claims the resort didn't pay property taxes for the past two years.
The bank said they loaned the resort the money for a water park, condominiums and a conference center.
The South Dakota bank is asking for any money the resort made from the music festival. If they don't get any money, the bank wants the money to be placed into a court-approved fund and wants the court to take control of the property.
The bank also wants the property to be foreclosed on, and suggests it be sold with the proceeds paying off the loan.
24 Hour News 8 will have more details throughout the day
The actual environment at Rothbury seems very cool. I'd take the Bonnaroo lineup at the Rothbury site for sure. But the lineup at Rothbury just wasn't my cup of tea at all. John Mayer and 311? If those had been scheduled for the Roo, people would have burned the place down.
John Mayer was at the Roo before. I'm sure 311 would be welcomed there. I mean if Roo didn't get burnt down with Metallica and Kanye there, I think it'd be fine with John Mayer, 311, and Snoop.
It really seems like the environment (the ranch) is what made this one so special though, right? Regardless, this doesn't seem like the best kind of press to have popping up in the afterglow. I really hope it hangs around -- I'd love to see what kind of lineup they put up next year.
Post by NothingButFlowers on Jul 10, 2008 8:39:23 GMT -5
Even if it gets foreclosed on, there's a pretty good chance that it will keep operating as a ranch because one of two things will probably happen: (1) someone will buy it at foreclosure hoping to continue running it as a ranch (with a water park and all the cabins and such, it doesn't seem like it would make sense to buy the property for some other purpose), or (2) the bank will buy it and get somebody to run the ranch until they find a buyer (after all, it's probably better all around for the bank to keep it running because (a) the bank will keep any profits during the time it holds the business, and (b) it likely will be easier to sell a running ranch that is generating money). As far as whether a new owner would be required to allow the Roth people to hold the festival again next year, that depends on what was in their contract. Regardless, though, I would imagine that any new owner would want to have the Roth people back because it seems like the first year was fairly successful and it is likely to grow in its second year.
Post by ChiefPemperToadWigginsky on Jul 10, 2008 16:32:20 GMT -5
even if they never have another festie there, i'd be glad. It would make it more special for us who went. Even if Rothbury is dead, i'm sure it'll be smiling on us from above.
Post by GratefulHippie on Jul 10, 2008 16:35:29 GMT -5
don't say that. some of us were supposed to be there, and for one reason or another, just couldn't make it. i still have my ticket sitting on my shelf.
