The McLemore family, owners of the 155-acre Circle G Ranch, terminated the contract after no payment was made when due the week of Dec. 16, said Gerald McLemore, a spokesman for the family.
The developers missed another payment after that, McLemore said.
The agreement required the developers ' a partnership based in Alpharetta, Ga. ' to make $1,000-a-day payments until they closed with a $6.5 million purchase.
'Our agreement was that they were to make the payments every 10 days,' McLemore said. 'When they failed to make the payments, the contract ended. Nobody is mad at anybody, and we're still talking, but for right now, we don't have a contract on that property.'
Circle G Ranch Resort LLC developers allowed an option to buy 317 acres next to the Circle G property to expire in September after missing payments on that agreement. That land is owned by the Hugh Dancy Co.
The 317-acre tract, which is east of the original Circle G Ranch land, would have been the site of one of two championship golf courses.
Vernon Simpson, vice president for the Dancy company, said Dec. 19 he hadn't heard anything from the developers since the option expired.
McLemore said he still hopes the resort will be built.
'I'd like to see it for the significance of the property, and I'd like to see it as an attraction for the area,' he said.
The developers proposed building a golf and entertainment resort keyed to the property once owned by Elvis Presley. Plans included two golf courses, two hotels, a large auditorium, theaters and other facilities.