Builders KB Home, Beazer Homes and Toll Brothers settled a court fight with their partner, Focus Property Group, making it easier for the $1.2 billion, 1,940-acre Inspirada master-planned development in Henderson to exit bankruptcy. The builders, along with Pardee Homes, will pay $35.5 million to Focus South Group LLC. Focus will also get $5 million from holding company, South Edge LLC, and another $5 million from a development-related bank account, court papers say. Focus, in turn, agrees to drop its legal claims in the bankruptcy case and support a reorganization plan under which Beazer, KB, Toll Brothers and Pardee would retain project ownership. If the deal gets OK’d, the disputes and litigation will be over. Meritage Homes of Nevada, however, one of the eight project partners, would still remain as the sole opponent to the bankruptcy plan. Judge Bruce A. Markell will consider the reorganization plan later this month.
