From the Falmouth Enterprise · February 2, 1982 · By G. H. Horn
Reporter G. H. Horn examined the Washburn Island Preserve Limited Partnership’s confidential prospectus. Investors were offered units at $30,000 each, which the document described as high-risk, and at least 20 were needed. The four general partners, including William A. Strauss Jr., each agreed to buy a lot at $150,000. The partnership would pay Dr. A. Lincoln Washburn a base price of $2.75 million, with a $100,000 deposit, semiannual payments and a four-year seller mortgage, and had until July 1, 1984 to close. After July 1, 1982 the price would rise with inflation.
Gregor I. McGregor, the lawyer for the new citizens group, called the developers’ timetable impossible. He said state permits alone would take at least two years and federal permits could require a full environmental impact statement, so the developers would have to “develop in a fishbowl.” By August 1982 the partnership was negotiating a sale to the state instead. It turned down the state’s offer that November, and the state took the island by eminent domain in June 1983.
This is CPWB’s summary of a news article. The full article and its photos are published by the Falmouth Enterprise. The page is in the Falmouth Public Library’s digital archive of the Enterprise.
Drafted with AI assistance from the linked source.
