Posted: Feb 16, 2010 11:59 PM by Jeanette Trompeter
Updated: Feb 16, 2010 11:59 PM
The economy may end up doing what a group of environmentalist organizations could not to the proposed Santa Barbara Ranch development.
The Naples Coalition has provided KSBY with a notice of default it says proves the developers are behind on a $3 million-dollar loan payment.
It could spell trouble for the 32-hundred-acre project that was approved by the Santa Barbara County Board of Supervisors back in 2008 and would include 72 homes.
The notice states the property is in foreclosure and unless brought current will be sold at auction.
KSBY was not able to make contact with the developers Tuesday night. We'll have more on this story on KSBY on Wednesday.
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