Here’s what Granby Ranch foreclosure sale will look like
Six months of tumultuous developments are creeping toward an end with Granby Ranch’s foreclosure sale just over two weeks, but what exactly will come of the ski and golf resort has yet to be determined.
Granby Ranch’s foreclosure, which will be separated into five sales, is scheduled for July 17. Before the property goes to sale, the Grand County Public Trustee will receive a bid from the lender, due by July 15. This amount, which the trustee’s office has not yet received, will be the starting bid on the various foreclosures.
Typically, the starting amount from the lender is the outstanding balance, which is listed as $47.5 million, plus the various fees encountered by the foreclosure sale.
Anyone can bid on the properties, but they have to come to the sale with enough money to cover a bid greater than the lender’s by at least $20. Before the sale, which starts at 10 a.m. at the public trustee’s office, any potential buyers will have to verify they have those funds.
As to who will actually bid, the Grand County Public Trustee doesn’t often see third party bidders, but they do occasionally happen.
The property associated with Granby Ranch will be sold in five separate sales because of the five different deeds of trust associated with the foreclosure. The deeds in the foreclosure cover various development lots in the Granby Ranch area, along with the golf course and ski area properties.
However, the golf and ski areas remain governed by the existing lease purchase agreement with Headwaters Metropolitan District. The Headwaters board is made up of Lance Badger, a former employee of Granby Ranch and current consultant for Granby Ranch’s receiver, and Christopher Harff.
According to that contract with Granby Realty Holdings, which should stand with the property transferring to a new owner, Headwaters will eventually be able to buy those properties. It’s unclear how the foreclosure sale would impact the makeup of the Headwaters board.
Until the end of May, these properties were managed under a separate agreement with Granby Ranch Amenities. On May 30, Headwaters approved a new management contract paying Touchstone Golf $6,000 a month to run the golf course this summer.
Talks continue with Ridgeline Executive Group, an agent for the lender, that had previously indicated an interest in taking on both ski and golf operations.
The Headwaters’ next board meeting is scheduled for July 15.
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Grand County’s real estate transactions April-11-17 were worth more than $12.8 million combined.