Granby Ranch ‘director’s parcel’ goes to lender; other foreclosed property sales postponed
Granby Ranch’s lender purchased a parcel Friday indicating it could take over the metropolitan district in charge of the management contract and lease-purchase agreement at the resort.
Granby Ranch’s foreclosure has been split into five separate sales because of the five different deeds of trust associated with the foreclosure. The foreclosure was delayed from July 17 when lender, Granby Prentice, failed to submit an opening bid on time.
The only deed of trust sold Friday was a 7.34 acre plat north of the Fraser River, known as the director’s parcel. The parcel went back to Granby Prentice for $10 million. That number is a deficiency bid, meaning the amount of money owed to the lender was more than the fair market value of the property.
This specific parcel had been part of the deed of trust originally granted to Lance Badger, Charles Mayfield, Julie Krueger, Mary Lane Packer and Kyle Harris in 2005, according to the foreclosure notice.
What makes Friday’s purchase significant is the director’s parcel entails most of the Headwaters Metropolitan District’s boundaries. By purchasing this plat, it seems the lender intends to take control of the metro district.
The four other sales at Granby Ranch were continued to July 31 with no reason given by Granby Prentice to the Grand County Public Trustee’s Office. The lender is not required to disclose why it wants to delay the sale.
The four remaining deeds of trust entail the mass of undeveloped land in the Granby Ranch area, along with the ski and golf amenities. Once the sale goes through, the ski and golf resort will still be subject to the lease-purchase agreement with Headwaters.
With the lender owning the boundaries of the district, Granby Prentice will likely take over the responsibilities associated with the Granby Ranch management contract and lease purchase agreement held by Headwaters. Up to this point, the lender did not have direct control over the metro district.
Two people are currently directors on the Headwaters’ board: Lance Badger and Christopher Harff.
Badger is a former employee of Granby Ranch and currently a consultant for Granby Ranch’s receiver. He said on a conflict disclosure form that he plans to work for the lender once the Granby Ranch sales go through.
Harff owns an undivided interest and pays taxes on the director’s parcel, according to his disclosure. This was thanks to an agreement signed in March between him, Granby Realty Holdings and Headwaters, according to county records.
On Thursday, Grand County records show that Badger and Granby Prentice entered a subordination agreement related to the deed of trust listed for Friday’s foreclosure sale.
The four remaining sales are scheduled for July 31 with starting bids totaling $12.2 million. These amounts are also considered deficiency bids.
Headwaters canceled their board meeting that had been set for July 15, and it has not yet been rescheduled.
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