Various reports have come and gone about efforts to save the Belle Island complex in downtown Pigeon Forge. Part of the complex included an exhibition hall and parking lot for the city and a now defunct Debbie Reynolds Museum.
The latest word is that an out-of-town investment group is putting together a proposal to offer about $13 million for part of the property to build a hotel. Regions Bank has the property—the bank stepped in when the project went into bankruptcy with the bank holding the mortgage.
Regions has set a 30-day deadline in which the property will be auctioned unless they get a viable proposal. The investment group, from a Midwestern city, is doing due diligence with the aim of offering to advance the money either to own the property or to finance its purchase.
Developer Glenn Bilbo has been seeking investors since February.