Sale of Texoma Land Falls Through

05-11-06 - The sale of land at Lake Texoma to a private developer has apparently fallen through. The sale of 750 acres at the lake in southern Oklahoma to the J Pierre Gagne Company for $14 million was announced in March.

The deadline to finalize the deal was this week, but Clifton Scott with the state Land Commissioner's office says the company asked for a 30-day extension. Scott says the extension would be granted only if the company put up $1 million in earnest money by 10:00 a.m. Thursday morning.

He says the company did not respond so the deal is off. The Gagne Company had said it would build a resort hotel and golf course at Lake Texoma.