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Everything about 0 W Spanish Peaks Dr, Aguilar, CO 81020 - MLS 195960
Bids are being accepted up until April 19, according to court files. The personal bankruptcy trustee will reveal the greatest bidder May 2, and the highest quote will be set as the opening price in an auction scheduled for the morning of June 3, to be followed by a hearing on the sale that afternoon.
A trio of Spanish Peaks companies submitted for Chapter 7 insolvency in October 2011, citing a troubled realty market and significant operating losses. At the time, the resort closed and its staff members were laid off. The Club at Spanish Peaks was a ritzy, 5,700-acre private domestic neighborhood in Huge Sky that used access to regional ski locations and included a personal Tom Weiskopf-designed 18-hole golf course.
The next year, Spanish Peaks Holdings worked with Cock Building Co. as the general professional to develop the lodge. The construction business then employed location subcontractors to supply service and products. Building and construction started in June of that year. In Another Point of View , Spanish Peaks Holdings got a swing loan from Citi, Group in Montana to pay off the Credit Suisse loan.
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Each loan was protected with a home mortgage encumbering all of Spanish Peaks Holdings' Montana home. In June 2008, Spanish Peaks Holdings stopped paying its contractors and suppliers. Spanish Peaks Holdings "stop paying completely" in late 2008, court records indicate. Protected creditors filed construction liens a legal claim on another's residential or commercial property to protect payment of a financial obligation against Spanish Peaks.
In April 2011, Spanish Peaks Acquisition Partners bought Citi, Group's interest in the mortgages. The entities holding properties at the Spanish Peaks community submitted for bankruptcy in October 2011 in Delaware. In January 2012, the case was moved from Delaware to Montana. Nearly all the subcontractors who submitted liens against Spanish Peaks Holdings and who were noted as protected lenders in personal bankruptcy court have been repaid by the bankrupt entities.
