The purchase of 6,000 acres in the heart of the Jennings Estate in Transylvania County, including the site of the once famous lake Toxaway, by a group of Asheville men who guarantee to rebuilt the dam destroyed by flood in 1916 and then recreate Lake Toxaway and rejuvenate this entire mountain resort, was announced last night. The financial consideration as stated as $1,500,000, making one of the largest, if not the largest real estate deals on record in Western North Carolina.
The new owners are the Toxaway Company Inc., of which R. Lee Ellis is president, Holmes Bryson vice president, H.G. Barnes secretary, and Charles Arbuthnot III of Pittsburgh treasurer. The board of directors includes the foregoing officers and Chas. E. Waddell, Fred L. Sales, Gray Gorham and Dr. J.A. Sinclair.
Engineers employed by the Toxaway Company Inc. are already at work on plans for a new concrete dam, the cost of which is estimated at $150,000.
Editor’s Note: The dam that restored Lake Toxaway has been rebuilt but it didn’t actually happen until the dam was built between 1960 and 1963.
From the front page of the Ruralite, Sylva, N.C., Tuesday, June 22, 1926
newspapers.digitalnc.org/lccn/sn91068754/1926-06-22/ed-1/seq-1/
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