Baldy under foreclosure

Residents living at Mt. Baldy watch and wait as the ski hill assets are placed up for sale.

G-Force Real Estate Inc. of Vancouver, B.C. has been appointed Marketing Agent for a secured creditor who has received conduct of sale from the Supreme Court of British Columbia under a foreclosure action to sell most of the assets of Mount Baldy Ski Corporation and related companies. The primary objective of the Marketing Agent is to find a buyer who will be able to complete an acquisition in time to operate the resort for the upcoming 2014-15 ski season.

For more information on the sales process and the details of the assets for sale go to: http://www.g-forcegroup.ca/sale-of-assets-mount-baldv/

Mount Baldy Resort is located in the south Okanagan Valley of British Columbia just north of the Canada-US border and east of nearby Osoyoos and Oliver. With a base elevation of nearly 5,700 feet, the resort boasts one of the highest base elevations, most sunshine and lightest powder of any ski resort in the Okanagan. The resort offers a purchaser significant opportunities for recreation and real estate development.

G-Force Real Estate Inc. of G-Force Group www.g-forcegroup.ca draws on its extensive experience in restructuring, performance improvement, corporate finance and several  industries to assist stakeholders in enhancing or recovering their investments and loans from businesses, real estate and construction projects in a variety of industries including real estate development, hospitality, leisure, and other industries in British Columbia and Alberta.

Brent Baker, President of The Mt. Baldy Companies, is quoted in the Oliver Daily News as saying, “The important thing is we are trying to give Mt. Baldy its future and set it free. This will not be a good thing for the present investors (understatement), will yield an exit for the existing secured creditors, and will be great for the local skiers and the South Okanagan economy if we get a deep-pocketed operator/developer in there to replace us.”

Sandra Smith is a full time resident at Mt. Baldy who writes an independent blog about the Mt. Baldy Community.

She said there are about eight homes that are occupied year round, and more than 120 seasonal homes.

“We lost a ski season last winter due to the financial situation of the ski area owners,” Smith said in an email. “That cost jobs and affected the tourism economy of the neighbouring communities.”

“As owners of property at a ski hill, of course we were not happy to have the ski hill closed, for our enjoyment, and real estate values.”

She said the resort community operates under strata, and is not controlled or attached to the ski corporation.

“For me, the big story will be when there is money in the bank, and staff on site working on the pre-season maintenance,” said Smith. “Until that time, we hope and wait.”

 

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