Castle Grande

Castle Grande was a real estate development in Arkansas about 10 minutes south of Little Rock. It came into National news as a result of the Whitewater investigations. The project was a 1,050-acre (4.2 km2) lot where Jim McDougal hoped to build a microbrewery, shopping center, a trailer park and other future projects in 1985. The land was scrub pine forerst that had failed already as an industrial development. The sales price was $1.75 million. State regulations prohibited Jim McDougal from investing more than 6% of his Madison Guaranty S&L assets. So, he put in $600,000 of Madison money and then for the difference had Seth Ward put in the remaining $1.15 million. This money Ward borrowed from Madison Guaranty on non-recourse, no personal obligation to repay. If federal regulators found out McDougal's S&L could be shut down, since it had already been operating under orders to correct its lending practices.

Read more about Castle Grande:  Seth Ward, Robert W. Palmer, Jim McDougal, David Hale, Hillary Clinton, Susan McDougal, David Kendall, Vincent Foster, Sam Bratton

Other articles related to "castle grande":

Whitewater Controversy - History - Failure of Whitewater Development Corporation
... his sights on investment into local residential construction, labeling the project Castle Grande ... Rose Law Firm, provided legal services to Castle Grande ... real estate venture had come entirely from Madison Guaranty regulators called Castle Grande a sham ...

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