Lindsey's Rainbow Resort • 350 Rainbow Loop, Heber Springs
Lindsey’s Resort on the Little Red River in Heber Springs has announced that it is closing, the result of a $3 million foreclosure lawsuit filed by its bank.
The operators of the resort, which has been open for 50 years, made the announcement on its website. A spokesman for Lindsey’s was unavailable to comment Monday.
The closure comes after the property’s lender, Centennial Bank, sued to collect more than $3.12 million on defaulted loans.
Centennial Bank, the wholly owned bank subsidiary of publicly traded Home BancShares Inc. of Conway, filed a foreclosure complaint in Cleburne County Circuit Court in March 2014. The lawsuit’s named defendants are Lindsey’s Rainbow Resort & Trout Dock, Mavis Lindsey, Billy Lindsey, Carol Lindsey, Terri White, Matt White and Sound Garden.
A clerk at Cleburne County Circuit Clerk’s office said Monday that the case remained open, but Lindsey’s reported on its website that the “bank has issued a foreclosure decree and we are closing the Resort.”
The website also said, “We sadly notify you, we can no longer can be a part of your Vacation Plans.”
The attorney for the Centennial, Malcolm Culpepper of Jonesboro, didn’t immediately return a call for comment.
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