The City of Asheville has an interesting history of this area, now part of Jake Rusher Park, on its website.  Here is an excerpt:

The Royal Pines Casino and a spring fed pool opened in 1926 with appearances by Olympic swimming champion and iconic Tarzan actor Johnny Weissmueller. However, during the Great Depression, many lots were abandoned as buyers could no longer pay their mortgages. The William Phillips Company defaulted on its loan in 1940 and remaining undeveloped property was sold to a new developer, Parkway Properties.

During World War II, the casino and swimming pool closed. It remained vacant until Jake Rusher purchased the complex in 1947.