A development group including a Miami company and tennis stars Andre Agassi and Stefanie Graf has acquired land that had been proposed to build a Fairmont Hotel at Tamarack Resort.
BAG Property Holding LLC submitted a credit bid of $2.03 million at a sheriff’s sale held on the Valley County Courthouse steps in Cascade. That was the amount the group was owed from the original developers of the resort, who filed for bankruptcy in 2008.
BAG Property Holdings did not pay cash but held first right under a court order to acquire the land rather than try to collect from the developers.
The land acquired includes the Belvedere Ridge property, where the hotel would have been built, and the Whitewater property, which would have featured homes with ski-in/ski-out access and a semi-private restaurant.
NO CASH PAID
Seattle-based Banner/Sabey on Sept. 5 used its $13.4 million in credit to take over Village Plaza, Tamarack’s unfinished hub of condominiums, shops and restaurants. Banner/Sabey was the general contractor for the village.
As in the Banner/Sabey sale, no other bidders offered a cash bid for the BAG lots in late September.
And as with the Village Plaza sale, the latest bid started a six-month redemption period. BAG Property Holdings is the lead creditor on the land, but Credit Suisse bank still has redemption rights as a junior creditor and could take $2 million to Sheriff Patti Bolen, who would transfer the sale certificate from BAG to Credit Suisse and pay off BAG’s debts.
Similarly, Credit Suisee could pay off Banner/Sabey’s debts in order to take back Village Plaza.
If nothing else occurs over those six months, BAG and Banner/Sabey will receive sheriff’s deeds to the properties.
Credit Suisse made a $250 million loan to the resort’s developers but was never paid. Interest on the loan has swelled the amount owed to $343 million.
HOTEL AND CONDOS
Agassi Graf Development LLC and Bayview Financial reached agreement in 2006 to develop the Fairmont Tamarack near the Lodge at Osprey Meadows.
The Belvedere Ridge land was envisioned for about 285 hotel, condo and penthouse residences. Whitewater entailed another 50 residences higher on the ski hill.
But the developers’ bankruptcy and falling real estate sales prompted the Fairmont developers to terminate their contract with Tamarack in July 2008.
Next up is a sheriff’s sale for the undeveloped land and ski facilities at the resort slated for Thursday, Oct. 24.
A sale on the Lake Wing expansion of the Lodge at Osprey Meadows was called off by Credit Suisse and has not been rescheduled.