A 230-acre parcel located adjacent to the City of Traverse City and considered one of the prime development properties in the Grand Traverse area has been sold.

Dr. John G. Milliken confirmed this week that the parcel, eyed for a massive water park project up to a year ago, has been sold to a North Carolina resident.

Jim Murray closed on the parcel in February, according to Milliken, who last summer offered up the property as a potential home to a convention and fine arts center, symphony hall, botanical gardens and other community uses.

But that plan never caught on, said Milliken, requiring more time to promote than he and his wife, Elnora, could contribute.

"The idea was to have something for the community, in a cooperative effort," he said.

The new owner, according to Milliken, may seek to build a residential development on the property.

Murray owns a summer home on Crystal Lake in Benzie County.

The Millikens worked with four previous developers to sell the property, but for various reasons each proposal failed.

At first Milliken worked out a sales agreement with Murray contingent upon how many homes allowed by Elmwood Township zoning restrictions to be built on the property. But after considering difficulties previous developers have had gaining approval of their proposals, he instead settled for a "different" price with no contingencies.

"I really didn't want to go through all those details again," he said.

The sale was discussed briefly Tuesday evening at the Elmwood Township Planning Commission meeting. Township planning director Bill Swanson reported the sale, but knew few other details.

"That's all I know. I haven't heard anything else on the project," Swanson said.

The property overlooks West Grand Traverse Bay from Morgan Hill with access off M-72.