The B. Allen Casey tracts along the Tennessee River at Manufacturers Road, that have long been tied up in bankruptcy, have been sold for $5.5 million.

Bankruptcy Trustee Jerry Farinash said the property includes four parcels and 6.6 acres opposite the Tennessee Aquarium and Ross's Landing Park.

It was sold to a Chattanooga group formed recently as American River Development.

Trustee Farinash said Halvorsen Development, a large Florida development group, was also interested in the property and may be working with the Chattanooga group on its development.

The site includes a railroad spur running parallel to the river that has been one impediment to its development.

Mr. Casey, who saved the Terminal Station railroad depot and converted it to the Chattanooga Choo Choo, long envisioned a hotel and other enterprises at the Manufacturers Road property. However, none of those came to fruition.

Trustee Farinash said the income from the property sale will still not be enough to pay off all the claims, including those from Emmy Patten Casey, wife of B. Allen Casey, who also invested heavily in the tract.

She is a principal in Trinity Hotel Partners, owner of one of the parcels.

Other owners included River City Resorts and The Cornerstone of River City. Both of those entities went into bankruptcy.

Mr. Casey earlier placed a barge at the riverfront that was to have been a floating restaurant. It became a derelict property and was finally removed after complaints from Senator Bob Corker, the Visitors Bureau and others.

Trustee Farinash said he wound up having to sell the property as a whole, though there were earlier discussions about breaking it up into separate sales. He said Chattanooga investors were mainly interested in the portion near the river, while national developers focused on the property on Manufacturers Road.

The property is next to a propane farm.

Trustee Farinash said the sale completes the distribution of all the Casey assets that were in bankruptcy.