Developer Travis Shields of TAS Properties said Tuesday that a $4.65 million sale is pending for The Preserve at Rising Fawn, a portion of which was auctioned off recently by Dade County.

Mr. Shields told bankruptcy trustee Kim Swafford that the sale to Lookout Mountain Resorts should close by the end of March.

The Shields bankruptcy was filed just four days before the tax sale, but Dade officials said they did not get word of the bankruptcy filing. Dade officials returned the money to buyers of many of the lots - including those bought by two conservation entities - the Lula Lake Land Trust and the Southeastern Cave Conservancy.

However, Dade has not rescinded sales on property listed in the name of the Southern Group. Mr. Shields said the Southern Group is his entity also and those sales should be voided as well.

Mr. Shields said he bought 2,200 acres at Johnson's Crook at the side and base of Lookout Mountain for $2.5 million from International Recycling Company. His father-in-law, Thomas Dobson, and brother-in-law, Josh Dobson, are also involved in the venture.

He said he planned to complete a development started by the prior owners, but he said he ran out of money when the economy soured. He said there is an unfinished clubhouse and unfinished swimming pool. There are several homes, but only one that is owner occupied.

Mr. Shields said some of the property was sold to meet the debt to the previous owners. He said from 1,200-1,500 acres remain. The prior debt is paid off.

Asked who is involved in Lookout Mountain Resorts, he said, "I can't tell you." He said the group "has been unwilling to share their membership profile."

He said it is a Nevada corporation.

Mr. Shields said Farm Credit Services may be owed some $400,000 in connection with the property and will have to be paid off before the sale to the Lookout Mountain group goes through.

He said the new owners are due to pay off the back taxes owed, and he said they paid for the bankruptcy filing.

He said he formerly had an office at Kimball, Tn., but it was closed and he now gets company mail at his home.

Dade County, Ga., officials, who have been dealing with layoffs and program cutbacks, are anxious to get the taxes paid. Attending the meeting were County Attorney Robin Rogers and county officials Ted Rumley and Robert Goff.

David Fulton is the attorney for TAS Properties.