The Leelanau Enterprise reports that McKeough Land Company, developer of the Bay Hill project (Leland Township off M-204 at Hoeft Road) has gone out of business.
“Unfortunately, we just couldn’t weather the real estate and credit crisis,” company president Mike McKeough was quoted as saying in a news release provided in response to an Enterprise query.
“Our cash flow really began to seize up in the beginning of 2008,” McKeough said. “And although we had many terrific properties with apparent equity, like Bay Hill of Leland, we just couldn’t raise the necessary capital to continue operating as McKeough Land Company.”
…A new company, Terra Firma Management, has been established to manage, market and sell McKeough’s holdings, offering many of its properties at “bank pricing” that in some cases may be 65 percent below previous list prices.
Photo: Dark times on Bay Hill by Andy McFarlane