Bank forecloses on 339 Grand Elk lots
November 30, 2009
A $12.3 million foreclosure by Bank Midwest took place on Nov. 20 in Grand Elk on 339 lots within the development, but owners of the Grand Elk golf course and clubhouse say they remain committed to the business.
Pam and Howard Lacy of Lacy Family Partners LLLP, of Arvada, purchased the club operation 16 months ago and have been gradually taking over the oversight and management ever since, according to statements from the couple released last week.
“We are not part of the original development partnership that sought to sell and develop the Grand Elk community,” the release states. “For the last 18 months, we have stepped to the plate to subsidize operating expenses for the club, in order to protect our investment and the Grand Elk owners’ investment, and to keep the club alive and well.”
The Lacy family owns and operates the Alpine Club and Golf Course and the Grand Elk Marina. It has other investments throughout Grand County in homes and land.
“In these difficult times,” the Lacy statements read, “resort properties are especially vulnerable, and some readjustment of values in real estate in Grand County will be inevitable.”
According to the news release, management of the club will “require some budget cuts and revenue growth.”
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In spite of that reality, Pam and Howard Lacy said they remain committed to their investment in Grand Elk because value of lots and land within the subdivision and other properties in the community “is dependent on the golf course.” Also, “if the golf course were ever closed, it would be expensive to revitalize.”
The Lacys assured club members and the community they have a strategy to improve the financial status of the club, which includes growing the membership and public patronization, employing cost-saving ideas and more “out-of-the-box thinking, and establishing new alliances with other resort owners to promote the facility.
Two calls to representatives of the new owner of Grand Elk lots, Bank Midwest of Dickinson Financial, Kansas City, Mo., were not returned in time for this story.
As far as another major foreclosure pending of the Orvis Shorefox property in Granby, formerly the Horn Ranch at the juncture of Highways 34 and 40, the public trustee’s sale that was scheduled for Nov. 20 has been rescheduled for Dec. 18.
CNL Income Partners LP, of Orlando, Fla., is foreclosing on Shorefox developers in the amount of $38.9 million.
Grand County Public Trustee Christina Whitmer said the bank “may continue the sale for any reason.”