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Developer, Insurance Co. Fighting over Wyoming Ranch
When Fourth Quarter Properties 86 LLC attempted to sell a 3,000-acre ranch in Wyoming to Chinese investors for $35 million, MetLife Inc. stepped in and said “no.” The life insurance company has a $30 million first mortgage secured by the Jackson Hole, WY ranch, and wants to foreclose.
Fourth Quarter Properties, controlled by Atlanta, GA developer Stan Thomas of Thomas Enterprises Inc., filed Chapter 11 bankruptcy for protection until the property is sold. “The judge is allowing us to go ahead and finish the sell,” Thomas recently told the Dallas Business Journal.
The ranch, “Little Jennie,” has been on and off the market since around 2010. The asking price in 2015 was $45.5 million. Thomas told the Wall Street Journal he wanted to sell to put more resources into his business.
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