by Calculated Risk on 7/02/2008 09:26:00 PM

From Fortune Magazine: How Lehman lost its way (hat tip crispy&cole Bakersfield Bubble)

To understand what went wrong at Lehman Brothers, leave the canyons of Wall Street and head to the flatlands of Bakersfield, 120 miles northeast of Los Angeles.

That's where you'll find McAllister Ranch, envisioned as a 6,000-home, multibillion-dollar recreational community built around a Greg Norman-designed golf course, boating and fishing waters and a beach club. Now McAllister is three-square miles of fenced-off, almost lunar landscape punctuated by a half-finished clubhouse and a golf course gone to weeds.

Check out the pictures of the lunar landscape!

Here is a map. This is on the south east side of Bakersfield - at the southern end of the Central Valley.