Business

Seven Falls value has dropped by $45 million

By Bill Moss, Published: October 17, 2013

In i nterviews, the buyers said they hope that Henderson County's efforts to restore the land, repair erosion and build roads will give them access to their property. That would be a start, they say, although the lot owners acknowledge that the bond money won't cover all that's needed — a fact that county officials warn of, too.
"Ten people have already pleaded guilty," said Bob Burns of Jacksonville, Fla., who paid $448,000 for a lot in August 2007 that's now assessed for tax purposes at $47,300. "It's pretty obvious who the kingpin is. He's the leader of the scumbags. ... They over-appraised my lot that I bought."
While Burns hopes that Vinson gets a long prison term, he said after that he would like to see a new owner step in.
"I'm the eternal optimist," he said. "My question is, Where'd all the money go? I think Vinson is hiding it. He's got property in Colorado and Amelia Island; he's got a jet. He got quite a chunk of money from the Bank of South Carolina and from all the lot sales. I don't know think there's ever been an accounting of where it all went. Personally, I think the Bank of South Carolina has got some responsibility. A bunch of us tried to sue them but they're not liable for overseeing of the money they hand out. They had the fox watching the henhouse."