"One weekend here and you'll never want to live anywhere else," proclaimed the sales brochure for the 42 lots of the Whitewater project near Flippin in northern Arkansas. However, despite the scenic snapshots and the homey-but- hokey handwritten spiel, no one was buying into the forested real estate development. To spur sales, Jim McDougal, a local savings and loan tycoon, % thought he needed a model home -- and the help of one of his Whitewater partners, Hillary Rodham, as she then called herself. In 1980 McDougal loaned her $30,000 to build, own and ultimately sell a three-bedroom ranch-style unit. When...
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