Ah The Hopes Of Dreamers | Or Where'd The Billion Dollars Go?

The year 2002 was something... We'd narrowly avoided a total collapse of the economy after the events on 9/11 after then Fed Chairman Alan Greenspan lowered short term rates to historical lows and set off inflating what would become the housing bubble. Over the next five years ensued a speculative mania in real estate that would dwarf any mania in human history; its bust initiating in the fall of 2007.

For anyone with a little bit of money, the year 2002 was ripe with possibilities. One of those visionaries was Jerry Jones, who's dream would turn into the now notorious Grand Elk development. Back then, the loose money policies of the Fed made it possible for anyone who could fog a mirror to sign on the dotted line for loans of just about any size.

The dream for Grand Elk: a $1 billion dollar development. That's billion with a 'b.' In fact, a Denver Post article proudly proclaimed: With Intrawest's move near, developers pouring $1 billion into Grand County.

That's the danger of believing anything you read in the newspaper. You need to vet the background story yourself; the journalist certainly won't do it for you. Here's some dialogue from the above article:

"In Granby, where Grand Elk is laying infrastructure for 800 golf-community homes, All the plans fell flat.

"Everyone told us, 'Yeah, we've heard that before,"' says Steve Bromberg, general manager of the ranch.

So the group sodded a golf course before paving a road. The main entrance is still dirt and only a couple cabins have been built, but the course hosted 150 rounds one Saturday earlier this month. The giant clubhouse will be ready for golfers by fall.

"It was an atypical approach," says Bromberg.

And it's an approach that has swayed leaders in Granby, which stands to double in population once the project reaches fruition.

"It's comforting for a town manager to have a developer follow through with what they've promised they are going to do in fairly record time and in a quality fashion," says Granby Town Manager Tom Hale.

It has worked so well that Marise Cipriani across the highway is annexing her 5,000-acre ski and golf resort SolVista into the town.

"It really puts us on the map," says Hale, noting that the town once known for speed traps will soon be a ski and golf play land.

The Grand Elk team also has helped the town develop a plan to issue bonds to pay for the new community's infrastructure as well as help offset impacts in Granby.

So what's happening now, nine years later? Grand Elk was foreclosed upon; many of the lots are in receivership; the golf course and club house are in financial trouble; property taxes are the second highest in the county... What a difference a decade makes, huh? So much for that BILLION dollars!