As part of a settlement from a real-estate scheme, 132 lots from the former Village of Penland have been auctioned off. An auction company from Rockingham auctioned off the lots in Mitchell County formally owned by Peerless Real Estate Services, the group that was involved in the Village of Penland Ponzi scheme that attempted unsuccessfully and fraudulently to develop the resort property at Penland. The auction company said that the majority of the bids on the property were from Florida. An online auction ran from June 18th thru June 24th with bids starting at $100. The majority of the lots are located off Penland Road and Rabbit Hop Road with others near the Toe River on Deer Park Lake Road. Most lots are between a tenth of an acre and an acre.