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Developers of a roughly 200-acre luxury home development in Oracle have filed for Chapter 11 bankruptcy.

Minnesota-based Tucson Copper Hill Estates LLC has about $7.6 million in liabilities and about $11.2 million in assets — mainly the land, which is located near Biosphere 2, according to court documents filed on Thursday.

So far, the developers have sold nine of 61 available lots, but no homes have been built yet, said Ed Henne, a Long Realty agent representing the developers. Henne said lot prices start at about $219,000 and homes are expected to cost $700,000 and up.

"The views and the setting are wonderful," Henne said. "This project was just a little ahead of itself."

Chapter 11 bankruptcy protection allows businesses to reorganize and continue operating. Henne said he is still working to sell lots.