Business

Seven Falls value has dropped by $45 million

By Bill Moss, Published: October 17, 2013

Steve Pignatiello of Asheville paid $650,000 for a lot on Seven Falls Parkway. It's now worth $54,200, according to the 2011 tax valuation, down from its 2007 assessed value of $447,300.
"All I know is that most of the people that they indicted have made a plea bargain," Pignatiello said. "Since there's nothing out there that's no surprise" that the value has dropped. "I don't even think of Seven Falls. There's nothing to think about."
He said he borrowed for the lot.
He said his dealing with Vinson was fine.
"I don't know what he did or didn't do that would be contrary to law," he said. "Doing a development and it not happen largely because of the economy is not a crime. What he did behind the scenes I guess is why he's on trial. I actually enjoyed my interactions with Keith."
Pignatiello said he hopes the county can make improvements with the bond that it has.
"That would be nice if there were something out there," he said.