Posts Tagged Eagle County Colorado
- Mark Harden New Media Editor- Denver Business Journal
Cordillera Golf Club LLC, an Eagle County golf and residential complex that filed for Chapter 11 bankruptcy protection in June, said late Wednesday that it had “completed successful mediation” in a legal battle with property owners and creditors.
Cordillera — which operates as the Club at Cordillera in Edwards, near Beaver Creek — also said that it has agreed to be sold by the end of the year. The settlement is subject to court approval, it said.
In a statement, Cordillera said it “has completed successful mediation with all major parties [in the dispute] including the Cordillera Property Owners Association (CPOA), the Cordillera Transition Committee (CTC) and the Official Creditors Committee (OCC).”
The mediation, it said, “has provided a framework for resolution of suits among membership and ownership over financial matters, dues structures, ownership rights and the future of the club facilities of Cordillera.”
Those facilities include three golf courses and a teaching course as well as an athletic club and three clubhouses with restaurants.
Cordillera has some 1,100 homeowners, several hundred of whom had joined in a class-action lawsuit against the club.
The dispute did not involve the adjacent Lodge and Spa at Cordillera, which is separately owned.
“I am happy that we were able to come to a resolution of disputes that have affected our homeowners, club members, the community and my family for more than two years,” club owner David Wilhelm said in the statement. “It’s time to move on in the most positive way.”
Under the settlement agreement, “the parties agreed that the club will be sold prior to year end 2012,” Cordillera’s statement said.
“It is expected that all cash bids for the operating assets for the club will be received by Dec. 3,” the statement added. “In the event of multiple bids, an auction will be held on Dec. 10 to select the highest and best bid. In the auction process, Cordillera will likely be sold as a single asset. The sale will close before Dec. 28.”
Cordillera in June filed for Chapter 11 protection after failing to reach “a mutually acceptable agreement with certain stakeholders in the community.”
The filing came in the wake of dueling lawsuits involving property owners and Wilhelm, with one issue being a decision not to open some of the club’s golf courses last year, according to Vail Daily coverage of the issue.
The Chapter 11 filing (download here) listed both assets and liabilities ranging from $10 million to $50 million.
Welcome to my July Homestead/South Forty/Old Edwards Estates Real Estate Market Update.
The 2012 Homestead market is tracking slightly above the 2011 market, indicative of an “L” shaped recovery. Click on the link below for the latest market update, current listings, and 2012 sales.
Managing Broker, Prudential Beaver Creek
Thursday, 7/27/12, nine of us climbed Mt. Sherman, one of the easier 14ers. We accessed the trail head from the Fairplay side. We were able to park at 12,000 ft. so the hike was about 2,000 ft. elevation gain over 3 miles. It is all above treeline and skirts several old mine sites. The final 1/2 mile is along a knife-edge that is a somewhat frightening but there is little danger of falling. We left the trail head about 7:30 and summitted 2 hours later. It was a beautiful day and we had a great time.
The first photo is near the summit and shows my buddy Todd Morrison. The second photo is of Molly looking for her soul sister, Sadie, who was her hiking buddy until she got too old to accompany us anymore. The third photo is of the group on the summit and the final photo was back at the vehicles enjoying some cold adult beverages.
The group was made of of 3 Prudential brokers, myself, Jim Green, and Dave Whitman. Dave’s girlfriend Stacey, my friends Todd Morrison and Tom Jenkins, and Jim’s friends Brian, Pat, and Kate completed the group. A fun day was had by all.
Welcome to my July Bachelor Gulch Real Estate Market Update. Activity in 2012 continues to track ahead of 2011. We are definitely experiencing an “L” shaped recovery. But at least it is a recovery.
In addition to the latest BG trends and stats, this issue contains information on:
- Update on Eagle County foreclosure filings and sales
- Overall Eagle County Real Estate activity, which is red-hot in the lower end of the market.
Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.
Summer is well under way. The few rain showers we received over the past couple of weeks have been a relief. We are still very dry but a few sprouts of new green grass have been spotted throughout the Valley.
Welcome to your June Wildridge Real Estate Market Update. Wildridge sales have exploded. 2012 will definitely be the strongest year we have had in Wildridge since 2007. Our fickle buyers have rediscovered Wildridge (at least for the moment).
Click on the link below for the latest market update, current listings, and 2012 sales.
On June 26, 2012, the Cordillera Golf Club filed for bankruptcy. A quote from the press release states that “We had hoped to avoid filing Chapter 11, but we were unsuccessful in reaching a mutually agreeable settlement with certain stakeholders in the community, said David Wilhelm, Chairman of the Club at Cordillera. The process will allow the Club to operate its ongoing business while it resolves the outstanding conflicts and prepare a plan of reorganization to emerge a healthier company.”
Click on the link below to see the full press release.
What does all this mean? I’m certainly not one to predict the ultimate outcome but I would be concerned about my Club membership fee and if I will ever see any value returned to me.
There were other documents included with the press release including a Q&A and Inquiry Guidelines. Click on the links below to see each of those documents.
This is such a sad situation. Three of the Clubs golf courses are closed and who knows what condition they will be in if and when they finally reopen. There are lots of questions regarding property values and how will this impact the real estate market in Cordillera. So far sales in 2012 are up compared to 2011. There were only 3 sales between 1/1/11 and 7/4/11. However, YTD there have been 8 sales. It will be interesting to see what happens to sales over the next few months. I talked to a fellow real estate broker who just had a client put a CVC property under contract the day before the bankruptcy announcement. The client was reconsidering their purchase in light of the announcement.
Stay tuned. Who knows how this will all turnout.
Kim and I participated in the Vail Valley Annual Highway Clean-up day last Saturday. What a great way to spend the morning. We joined the Prudential crew at mile market 156 just west of the Wolcott exit.
It was also a beautiful day. You really never know what you are going to find. Very few treasures but lots of bottles, cans, auto parts, and some unmentionables.
There is a party afterward where everyone shows off their most interesting finds. We came in second this year with our discovery you can see in the photo below.
It was a fun day spent with some great folks.