HORSESHOE BAY — Despite two bouts with foreclosure, portions of the 1,600-acre residential golf community known as Skywater Over Horseshoe Bay are springing to life.
City officials said the development’s current owner, International Bank of Commerce in San Antonio, has deeded the project’s 18-hole, 200-acre Jack Nicklaus signature golf course called Summit Rock to Horseshoe Bay Resort.
“Summit Rock is very important to Horseshoe Bay, and all indications are it will be a great golf course,” said Mayor Bob Lambert. “We look forward to it opening at the end of October.”
Skywater began in 2006 under local developers Armand and Molly Biglari with partner Sam Martin. The plan was to create a high-end, environmentally friendly community in the Highland Lakes.
Developers planned to build about 1,000 residences with lots priced from $140,000 to $490,000.
Since that time, the property has experienced several ups and downs before being sold through foreclosure to IBC, a lien-holder, at auction in June at the Llano County Courthouse for $29 million.
