Shelby Homes to undergo $25.7M foreclosure

INDIAN RIVER COUNTY — Shelby Homes at Millstone and Shelby Homes at Pine Lake will be sold Oct. 2 at the Indian River County Courthouse after Regions Bank foreclosed on the developer for a combined $25.7 million, according to court records.

Shelby Homes at Millstone is currently developing Millstone Landing south of 17th Street SW between 27th and 35th avenues. The community was supposed to have 613 single family homes on about 300 acres tucked behind a gate. How many homes are actually built and occupied is not known. A call to the sales office was re-routed to the Shelby Homes corporate office, where a message left was not immediately returned.

Regions Bank spokesman Mel Campbell cited customer privacy for not making a comment on the reason for the foreclosure filings.

“We don’t comment on customer relationships,” he said, adding that the corporation’s attorney, too, would be bound to the same rule.

Shelby Homes at Pine Lake is currently undeveloped and consists of more than 80 acres south of the Vero Fashion Outlets. 

The Millstone foreclosure is nearly $22 million, according to court records, while the Pine Lake foreclosure is about $3.8 million.

Shelby Homes is still selling homes in its Bradford Place community in Vero Beach, which consists of a little more than 150 townhouses.

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