Monday, November 21, 2011

Future of Lost Lake Resort near Tacoma uncertain. Big problems.

Buyers at Lost Lake Resort on the outskirts of Yelm, thought they were purchasing a little slice of heaven. The resort was pitched as a place where they could spend the summer months of their retirement years living in peaceful seclusion on 130 acres of pristine wilderness.

They could grab a fishing rod and walk to “an 11-acre private lake generously stocked with rainbow trout.” Or enjoy amenities such as tennis courts, an indoor-outdoor swimming pool and spa, or a clubhouse with a pool table, pingpong and shuffleboard.

But several RV lot owners at Lost Lake Resort say dreams of easy living have collapsed because of the resort’s developer, Jeffrey Graham, 48, of Tacoma, and the complications of his financial meltdown.

Some buyers say they still don’t have deeds for properties they paid up to $60,000 for. Others have had to sue to try to get their deeds for properties whose values have grossly depreciated because of the resort’s problems and the sour real estate market.

Graham says he’s done everything in his power to get deeds to buyers and to fix the facilities at the resort. Nevertheless, there is big trouble in what was once billed as a paradise.

Read the complete story in the Tacoma Tribune.

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