Bama Bayou goes bust

Drawn up seven years ago as a multifarious entertainment district that would someday boast a water park, dolphin shows, shark tanks, several hundred condos, an office complex, acres’ worth of shops and restaurants, and a convention center, Bama Bayou has instead become the latest lofty proposal dreamt up during south Baldwin County’s boom years to become bank-owned.

Vision Bank, which lent Bama Bayou’s developers $21 million, foreclosed on nearly the entire property late last month, then bought up all but a few slivers of the 144 acres at auction, probate records show.

Vision, the only bidder at auction, paid about $10.3 million for the property, or about half the total debt attached to the land, according to probate records and lawyers for both sides

Bama Bayou goes bust: Grand plans for Orange Beach gateway fizzle