Sacramento Business Journal
Fron the article:
Years after a master plan for Placer Vineyards was approved, developers will have the chance to build on more than 300 acres of the project through a special court-supervised auction.
Cornish & Carey Commercial Newmark Knight Frank vice president Guy Spitzer said the 338 acres at issue are intended to eventually accommodate 994 homes.
But first the ownership issue must be resolved. The land, currently held by several hundred property owners unable to agree on development, will be sold by court-appointed receiver, said Spitzer, who specializes in land deals. “I’d say it’s a distressed nature only because the owners can’t agree.”