CLARIFICATION/Torchmark Corp. joins Drummond in Rancho La Quinta Development.LA QUINTA, Calif.--(BUSINESS WIRE)--June 15, 1995--Birmingham, Ala.-based Drummond Co. has announced that Torchmark Corp., also of Birmingham, has become an investor in the Rancho La Quinta development, a private 350-acre country-club community in La Quinta. Drummond Co. is the largest privately held natural-resource company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Since the late 1980s, the company has successfully diversified into the development of master-planned golf communities, first in Lakeland, Fla., with the Oakbridge development and most recently with Rancho La Quinta. Drummond and Torchmark are already partners in the development of a 2,500-acre planned community Noun 1. planned community - a residential district that is planned for a certain class of residents residential area, residential district, community - a district where people live; occupied primarily by private residences in Vestavia Hills, Ala., known as Liberty Park. The golf component of Liberty Park is Old Overton Old Overton Golf Club, located in Vestavia Hills, Alabama, USA, is an invitation-only private golf club which opened in 1993. The course was designed by professional golfer Jerry Pate and Tom Fazio. Club, recently recognized by Golf Digest Golf Digest is a monthly golf magazine published by Advance Publications in the United States. It is a generalist golf publication covering recreational golf and men's and women's competitive golf. as the best new private course of 1994. Torchmark is a Fortune 500 company and, through its collection of insurance subsidiaries, operates as one of the largest insurance carriers in the nation. Torchmark was formed through a merger of Alabama-based Liberty National Life Insurance Co. and Oklahoma-based Globe Life and Accident Insurance Co. in 1979. Torchmark's life-insurance companies have been given the highest ratings by A.M. Best and by Standard & Poor's, a ranking shared by only 1 percent of more than 2,000 life-insurance firms in the United States. In addition to Liberty National and Globe, Torchmark's major subsidiaries include: United American (Dallas), United Investors (Birmingham) and American Income (Waco, Texas For the Branch Davidian siege in Waco, Texas, see . For other uses of "Waco", see Waco (disambiguation). Waco (pronounced: /ˈweɪkoʊ/) is the county seat of McLennan County, Texas. ) -- together with Waddell & Reed, a mutual-fund company with headquarters in Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). . "This new involvement by Torchmark reinforces the developer's financial-strength commitment to Rancho La Quinta and represents a continuing confidence in the Coachella Valley new-home market," said Tom Cullinan, project manager for Rancho La Quinta. "In today's market, home buyers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. financial stability, and Rancho La Quinta has the backing of both the largest privately held natural-resource company in the country and a Fortune 500 financial-services corporation." Torchmark's relationship with Rancho La Quinta comes at a very propitious pro·pi·tious adj. 1. Presenting favorable circumstances; auspicious. See Synonyms at favorable. 2. Kindly; gracious. [Middle English propicius, from Old French time. Since the community opened one year ago, more than $16 million in real estate sales have been recorded, representing one of the highest dollar volumes in the Coachella Valley. The community is currently enjoying its first full season, with $8 million in real estate sales since January 1995. Cullinan specifically attributed the recent sales success at Rancho La Quinta to the following: -- The competitive spectrum of home prices at Rancho La Quinta, from the mid-$200,000s; -- The growing reputation of the Rancho La Quinta golf course, designed by Robert Trent Jones See: American TV writer Trent Jones Robert Trent Jones, Sr. (June 20, 1906 – June 14, 2000) was a golf course architect who designed (or re-designed) about 500 golf courses in at least 40 US states and 35 other countries all around the world. II; -- The maturing of the landscaping and master-planned design; -- The complete country-club amenities offered. CONTACT: Roddan/Paolucci Brooks Roddan or Mike Hoye, 310/792-1444 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion