A 123-acre parcel on the north shore of Lake Travis that was in limbo for almost a decade is up for sale for a cool $6M.

This is the waterfront portion of the defunct Waterford at Lake Travis that includes an 80-slip marina. The property was platted as a subdivision, has been incorporated into a municipal utility district and does have several constructed homes.

This land would be one of eight or so developed communities in the area and the largest parcel of land up for development. After an initial offering in 2008, the project hit the real estate downturn and ended up in foreclosure.

“There are some land holdings out here, but they are mostly family interests with no intention of developing them,” said Robert Grunnah of Younger Partners, which is marketing the land. “We probably have six to eight subdivisions out here, and the older ones are all sold out.”

The attractiveness of development on Lake Travis rises and falls with the rain totals. Water levels have been trending down this year, according to Community Impact, but those drops do not come close to the drought that paralyzed lakeside businesses in 2013 and 2014. Water levels rose significant three years ago.

The larger Waterford at Lake Travis was once pitched as a golf community that could compete with Marble Falls. Now the property is being marketed as a lakeside location for local retirees and executives who want to commute to Austin.