Swank West Texas resort fails to sell at auction

Staff Report

The Associated Press

SAN ANTONIO (AP) - A high-class, high-priced bankrupt resort in Texas -- never sold at auction today (Thursday).

Attorney Mark Petrocchi with Lajitas Resort Limited says one bidder walked out of the

sale in San Antonio.

The attorney says they did not get an acceptable offer.

The sale was closed to the public and media.

Also no word on how many bidders attended the auction for the spread between the Big Bend state and national parks along the Rio Grande. The area is about 300 miles southeast of El Paso.

Developer Stephen R. Smith's Lajitas, The Ultimate Hideout resort filed bankruptcy early this year.

The 92-room resort -- with a private air strip, lush 18-hole golf course, and a beer-swilling goat that holds the honorary title of mayor -- has a taxable value of just under 17 million dollars.

Creditors are owed nearly 15 million bucks.