The start-stop nature of a potential resolution for Tamarack Resort has started again with a sheriff’s sale on the Village Plaza and an auction on construction materials on Thursday, Sept. 5.
The sheriff’s sale will be at the Valley County Courthouse. The private auction of materials will occur three hours later.
The Seattle construction company Banner/Sabey, the one-time general contractor at Tamarack Resort, is the lead creditor on Village Plaza. Banner/Sabey claims it is owed $13 million by the original resort developers, who declared bankruptcy in 2008. Credit Suisse contends it is owed $343 million on an unpaid loan to those original developers.
“At the bank’s request, we postponed the date,” says Kevin Bay, attorney for Banner/Sabey. “We expect this one to go through this sale date. My guess if there’s an interested party, it mostly likely is a party that wants to buy the whole resort, and they’ll be dealing with Credit Suisse.”
But a definitive buyer could hold off until Credit Suisse is able to compile the main properties at the resort, including property held by Bayview Financial and tennis stars Andre Agassi and Stefanie Graf. The property was proposed for the Fairmont Tamarack hotel as well as condominiums and penthouses at mid-mountain.
Prospective buyers for Village Plaza on Sept. 5 must pay in cash, except for Banner/Sabey, which can bid on credit against the amount it is owed.
The private auction on the collateral for that complex will take place at the unfinished plaza. It includes many items purchased to complete the complex, including an elevator cab, pedestrian bridge, heating and air conditioning equipment, doors and windows, a “quantity of bathtubs,” structural steel and large timbers, and restaurant equipment. The materials could be sold as a whole or in two or more lots. The buyer must provide cash, a cashier’s check or other “immediately available funds.”