McClendon & The Dunes

You may have noticed TrueHoop's mention of Aubrey McClendon's latest (proposed) real-estate transaction involving the Saugatuck Dunes in Western Michigan.

At first blush, it's a relatively minor story - rich guy buys some land, gets into dispute with locals about his plans to build McMansions, sells off a chunk of the land, goes about his way. But, if one digs just a touch deeper, you can see that it's not as simple as it first appears.

You see, McClendon tried to sell this land previously ... and failed. Back in December, a tentative deal was in place to sell 171 acres of his more than 400 acres to the Saugatuck Township for $25 million, but the locals were unable to procure a grant from the State of Michigan that would have gone a long ways towards the purchase.

Now, 10 months later, McClendon is selling the property for $20 million, or $5 million less than he thought he'd get last year. And, it is important to note, that sale is still contingent on the Saugatuckians (?) getting a state grant and quite a big chunk of private funds, although they seem to think the money will be relatively pain-free (but, given the state of Michigan's economy, even the optimists are hedging their bets).

[Of further interest, McClendon purchased all 412 acres for the sum of $38 million in 2007, which works out to roughly $92,000 per acre. The lands he plans to sell now for $20 million total 171 acres, or roughly $116,000 per acre - a nice return on investment even at the steeply discounted price. That Aubrey - he didn't get rich by luck.]

And, of course, there are the ongoing legal complications involved. McClendon is refusing to pay property taxes on the land because he feels that the locals over-estimated the value of his land, and because he's irked that they re-zoned the land and changed the density from 1 home: 1.5 acre to 1 home:5 acres, essentially shrinking his number of possible homes from 300 to 80.

Essentially, Aubrey McClendon has, yet again, woven his own peculiar brand of antagonistic wizardry, creating a situation wherein the local residents detest him, while at the same time devaluing his own asset to the point where he has to take drastic steps to rectify a miserable situation.

Sound familiar?

The only difference is that the owner of the Sonix is not able to pack up the remaining land in the back of a moving truck and move it to Oklahoma City. If Aubrey McClendon wants to move forward with his plans to develop a passle of ridiculous mansions on those 241 acres, he's got to make nice with the local populace, something he has, to date, been either unwilling or unable to do.

NHL in Seattle? Oh, Come On

Whenever I read articles such as this one by Susan Slusser on Fanhouse, this single thought always comes to mind:

Do we Sonic diehards sound this ridiculous to non-basketball fans?

Slusser makes the argument that since the Sonics have packed up and left Seattle, it's a great time for the NHL to lay down a sheet of ice and get to work. Of course:

1. There is no arena
2. There is no youth hockey
3. There is no arena
4. There is no arena

Of course, there's nothing that a new arena couldn't solve. And, hey, we know how willing Seattle is to build new arenas for pro sports teams, right? Sure, they said no to a franchise that had been in the city longer than any other pro sports team in the city's history, but what makes you think they would say no to hockey? I mean, geez, Seattle has such a long and storied history with hockey, right?

Oh, and, hey, Seattle loves the Sounders, and since they love the Sounders they'll love anything we throw at them! Okay, sure, pro soccer has been in Seattle for three decades, and everybody in the city played soccer from the age of 6 to 11, and there's a large Latino population that helps to augment that soccer fandom.

But, you know what? I saw a guy in a Canadiens cap yesterday, and he said he'd go to the games, and his buddy, Gord, said he's down for whenever the Oilers are in town, so that's like two guys right there!

Please.

You know, I get the distinct impressions that as Slusser was writing the article, the prevailing thought floating through her head had to have been: "How the heck am I going to fill my column today?"

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