The company that for years brought hundreds, if not thousands, of people to Bella Vista in hopes of selling them a piece of the "village "has gone out of business.
National Recreational Properties Inc., with an office in Village Center along Arkansas Highway 340, ceased operating in the city two weeks ago, according to a woman still on the payroll to answer phones at the office last Thursday.
The woman, who declined to give her name, said the sales staff was "let go," along with a number of other people, including administrative workers. It is not known how many people the lay-off involves.
Joe Joffrion, executive vice president and chief legal officer for NRPI in California, confirmed the closing of the local office and one in Hot Springs earlier in the month He cited poor real estate sales as the primary reason for the action.
"It's a different environment," Joffrion said, referring to the slumping real estate market and the cost of flying potential buyers in and housing them while they look around.
Joffrion said he didn't have a hard number on how many people lost their jobs. Only a small number were full-time workers, and many of them were part-timers working only when clients came to town, he said.
NRPI has not yet decided whether it will give up the building that housed its operation in Bella Vista.
"We'll be evaluating things," Joffrion said.
The company will continue to offer its approximately 2, 000 Bella Vista lots through its offices on the West Coast as best it can, he said.
"As the owner and seller of properties, we'll entertain anyone interested," he said, adding there probably won't be much in the way of offers.
Christy Attlesey, Bella Vista Property Owners Association communications manager, said POA officials were not really surprised by the news.
General Manager Tommy Bailey had been aware it might happen after the Hot Springs office closed, Attlesey said.
As for the lots owned by NRPI, Attlesey said the company will have to continue paying assessments or the association will take action against NRPI, as it would any property owner in default.
In addition to Bella Vista, NRPI owns or owned properties in Hot Springs; Austin and Houston, Texas; Taos, N. M.; and Alturas, Calif. Joffrion said the New Mexico operation closed some time ago when the inventory basically ran out.
This is the second property sales-related business to close in the city this month. Cooper Communities Inc. closed its home-sales office on Riordan Road on July 3. Fourteen people worked at that office.
An official with CCI said the closure would not impact the company's timeshare, commercial development or land development divisions.
NRPI was known for its late-night cable commercials starring former TV star Erik Estrada, who tried to sell lots to mainly retirees.
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