Shorefox foreclosure may be biggest in Grand County history
Grand County, Colorado
A development that promised signature golfing, 50,000 square-feet of commercial space including an Orvis retail store, exclusive Colorado Riverside lots and Granby’s newest high-end gated community is in foreclosure.
At $20 million, county officials said it might be the highest value for a potential public trustee foreclosure in Grand County history.
Lender Aspen Shorefox LLC, a Nevada company with Howard S. Cohen listed as the registered agent, according to Nevada’s Secretary of State office, loaned the large sum in 2005 to Shorefox Development LLC, the development annexed into Granby ” formerly the Horn Ranch.
Shorefox developers purchased the property in 2003 for $5.2 million.
What followed was a flurry of dirt moving, road building and golf course designing.
But progress slowed to a stop early last year.
The foreclosure amount includes attorney fees, the property itself, improvements and water rights, according to public documents.
Steve Bromberg, general manager of both Shorefox Development LLC and Granby’s Grand Elk development, declined comment on Tuesday on the advice of his litigation attorney. Aspen Shorefox attorney Bradley Benson, contacted early Tuesday, did not respond before press time.
The development Orvis Shorefox faces a total of $60 million in foreclosures, including the $20 million listed with the public trustee and a $40 million judicial foreclosure being pursued by CNL Financial Group Inc. of Florida, a real-estate investment company.
The development is also the subject of civil actions to foreclose on mechanics liens, which approach the $12 million-range, according to county records. That figure includes total contract amounts, parts of which may have been paid.
The sale date for the Aspen Shorefox foreclosure, recorded Nov. 5, 2008, has been set for June 12, 2009.
If the borrower files an intent to make right the debt, or “cure,” 15 days before the sale or earlier, the borrower has the option to cure all the way up to the day before the sale, according to Public Trustee Christina Whitmer.
If the property is not sold during the June sale, the property becomes the possession of Aspen Shorefox.
“I do think that, in a general sense, an outgoing tide lowers all boats,” said Grand Elk attorney Ron Stern, offering his perspective of the current foreclosure climate, stressing that he is not speaking on behalf of Grand Elk or Orvis Shorefox.
“And until the economy turns around and the housing market improves, it will be all but impossible for any land developer to resurrect a major project.”
” Tonya Bina can be reached at 887-3334 ext. 19603 or e-mail email@example.com.
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