Developers of The Braxton Are Sued

This article was published in The Nashville Post on February 20th. It is entitled, “Waterfront condo buyers want earnest money back“:

Nine pre-sale buyers of condos in the Harpeth Shoals (The Braxton) waterfront development in Ashland City yesterday filed suit against The Braxton LLC, the firm behind the condos and one of several companies run by developer John T. Rankin, who has listed debts of $73.2 million in his personal bankruptcy.

Suing in Nashville’s federal court, the would-be homeowners claim their units still are not ready, months after a contractual closing date of August 4, 2008. They also say Rankin promised them Harpeth Shoals would include destination attractions such as a restaurant and retail shops, none of which have come to pass. They are asking for the return of their earnest money – a total of just under $400,000 – plus other damages.

A copy of the complaint is available at this link. Philip Byron Jones of Evans, Jones & Reynolds in Nashville represents the plaintiffs.

Rankin has recently tried to withdraw the Chapter 7 bankruptcy filing he personally made late last year, acting “pro se” (without an attorney). As mentioned in The City Paper’s “Headline Homes” column this month, the bankruptcy court had permitted a lender to foreclose on his massive house in Hill Place, taking title to it for $1.66 million after it was on the market for $3.75 million last year.

Representatives of the bankruptcy trustee, opposing Rankin’s motion for dismissal, claimed in court filings that he had been “recalcitrant” in dealing with them and that his case did not pass the “smell-test.”

Rankin attributed his mistakes in handling the case to “pro se fumbling.” Shortly before the court denied his motion to dismiss last month, he sent notice that he “no longer has a home address.”Attempts to reach Rankin today have been unsuccessful.

Trackbacks

  1. […] local condo developments have been put into receivership by lenders. They include the Braxton in Ashland City, 5th & Main in East Nashville and Rolling Mill Hill in downtown […]

  2. […] February 5, 2009. The previous two projects were the 5th and Main building in East Nashville and The Braxton project in Ashland City, 25 miles from downtown.People close to the Rolling Mill Hill project are […]

  3. […] contracts has produced a wave of lawsuits targeting area developments such as Ashland City’s Braxton and the Gulch’s Terrazzo and Icon […]

  4. […] month, several buyers in the Braxton Condominiums project at Harpeth Shoals Marina in Cheatham County sued to cancel their contracts, saying the […]

  5. […] the lawsuit filed by a group of buyers against the Braxton in Ashland City, the suit claims the Terrazzo has failed to comply with the Interstate Land Sales […]

  6. […] opinion, the only development close to Nashville that may have a shot at going that route would be The Braxton in Ashland […]