Whiffletree Phase VII

Whiffletree Phase VII is a residential subdivision consisting of 90′ x 120′ custom home lots originally developed in the mid 1980s by the Marchman Companies but never completed. After the developer went bankrupt, all 127 lots were foreclosed by the development lender who subsequently went bankrupt in the late 1980s. The bankrupt development lender was folded into the Resolution Trust Corporation (RTC) along with the subdivision, which remained unfinished and dormant. It would be several years before the RTC realized it owned the property.

The subdivision had such rigid deed restrictions, production builders weren’t interested in acquiring the project. Further, the Resolution Trust refused to provide financing and refused to split the lots, insisting on one single cash sale. Few custom builders had the wherewithal for such a large cash purchase. Schaefer successfully raised sufficient private equity to purchase the unfinished neighborhood at a substantial discount from market, intending to mark the lots up to retail pricing and sell all 127 lots individually. However, the project had been dormant for so long, builders were unwilling to purchase the lots.

Since they were unable to sell the lots, the only option available to Schaefer and his partners was to build their way out of the deal. This led to the founding of Ascot Custom Homes in January 1993. Despite having been unable to sell the lots, Schaefer met with immediate success building spec homes, and ultimately selling them before they were finished. The reputation that came as a result of this project was so strong it lasted for almost thirty years.