Originally appeared in Silent News, June 2001.
Just months after promising to have construction start in January 2001, Wyndholme Village has filed bankruptcy, and construction plans have completely fallen through. The property on which Wyndholme was to be built was bought by Stuart C. Fisher for $4.6 million at a recent auction.
Fisher, who had $2.4 million invested in the bankrupt property, said he wanted to protect his money already tied up in the 46-acre project.
Last November, Silent News reported that Jim Lancelotta, managing member and developer of Wyndholme Village, had come to an agreement with creditors regarding construction of the community. Lancelotta attributed the troubles to a troubled lender who is currently incarcerated for financial improprieties. Scott Macdonald, Senior Vice President of Marketing for Wyndholme, also said that Lancelotta was “sure” that Wyndholme Village was going to be a reality.
Wyndholme had 28 signed contracts of individuals ready to move into their units by November, and did not actively try to sell any units since February 2000.
Wyndholme Village’s website posts a May 2 news article written by Alison Klein of the Baltimore Sun, stating that Fisher wanted to use the property for a similar project. Earlier, it was reported that Fisher had no plans to continue the Wyndholme Village project.
Wyndholme did not return phone or e-mail inquires made by Silent News.
Copyrighted material. This article may not be copied, reproduced, or redistributed without the written consent of the author.
