A 3,000-acre tract of land in Brownville once eyed for a $500 million high-end resort is headed for the auction block.

Loan brokerage firm Great Oak Capital LLC, the holder of the mortgage, is selling the Piscataquis County property through a public auction for a breach of mortgage conditions by landowner WHG Development LLC of California, according to the Bangor Daily News. The auction is scheduled for March 3 in Bangor.

But Jim Dennehy, president of WHG Development, told the paper he was still working with the lender on a financing plan in an effort to save the project. Dennehy in 2005 proposed a year-round resort that would include a hotel, train station, convention center and 400 time-share units, and has been working with the town on feasibility plans with intentions to submit a final plan with the planning board before its preliminary approval expires April 1, according to the paper.

Go to the article from the Bangor Daily News >>