Newspaper article THE JOURNAL RECORD

Offers Few for Half-Interest in 137-Acre Vehicle Resort/located on Grand Lake

Newspaper article THE JOURNAL RECORD

Offers Few for Half-Interest in 137-Acre Vehicle Resort/located on Grand Lake

Article excerpt

TULSA (AP) - For sale: One half undivided interest in a 137-acre recreational vehicle resort, located on Grand Lake in northeastern Oklahoma.

To date, that advertisement has elicited numerous inquiries but no acceptable offers. And the people in Oklahoma, Missouri and other nearby states who collectively own the other one-half undivided interest in the resort are getting worried.

About 2,000 people from this part of the country bought "memberships" in Pine Island, the recreational vehicle resort developed by Rep. Jim Inhofe, R-Okla., when he was mayor of Tulsa. A membership entitles the buyer to "limited and non-exclusive use privileges of campsites and facilities" at Pine Island, according to sales contracts.

But now, Quaker Life Insurance Co., which developed the resort with Inhofe at the helm, is in receivership and state insurance officials are attempting to dispose of Quaker's assets, including Pine Island.

If a buyer for Quaker's share of Pine Island isn't found soon, officials say, the scenic resort may have to be shut down. But officials, attorneys and members are still hopeful a buyer can be located, and industrious Pine Islanders are taking on chores around the park themselves to keep it as attractive and marketable as possible.

Because of the uncertainty of Pine Island's future, people who bought memberships - typically for $6,000 at 14 to 16 percent interest - have hired an attorney to protect their interests.

Next Friday, they should have a better idea of what will happen to the park, when a judge is expected to rule on the fate of Pine Island.

"It could be that everybody loses on this thing," said Oklahoma County District Judge David Cook, who is overseeing the receivership.

Those handling the receivership say Pine Island was a "grandiose" scheme that had little chance of financial success. Inhofe said the park was a model for the nation, the "new wave" in inexpensive vacationing.

Clouding the sale of Pine Island is the fact it is an unusual property arrangement that most developers would avoid. …

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