The auction will be held at 10 a.m. central time at Bon Secour Village's welcome center at 300 Waterway West Blvd. The land is fronts the Intercoastal Waterway and US Hwy. 59. Walter Driggers with Tranzon Driggers in Ocala, FL, says 5% of the bid is required to participate. "If there are competing bids, we'll have a best-and-final auction at 11 a.m.," says Driggers, who is marketing the property and who will oversee the auction.

According to an article in the Mobile Press-Register, US District Judge Kristi DuBose ordered the land sale so Atlanta-based developer Bon Secour Village LLC could pay $20 million that it owes to Wachovia Bank, just one of several banks that financed the project. The article says the developers face lawsuits from others, including Regions Bank, unpaid real estate agents, builders and landscapers.

[IMGCAP(2)]"A welcome center has been built and the marina has vertical pilings--just no walks on it," Driggers tells GlobeSt.com, adding "around the marina area there's room for retail, restaurants and residential." He says a little farther north near Country Road 4 that land has been set aside for a golf course. It is zoned multifamily and commercial.