The “manager’s parcel” of Granby Ranch goes to the lender; other deferred sales of seized property
Granby Ranch’s lender bought a plot on Friday indicating it could take over the metropolitan district in charge of the station’s management contract and lease-purchase agreement.
The Granby Ranch foreclosure was split into five separate sales due to the five different trust deeds associated with the foreclosure. The foreclosure was delayed from July 17 when the lender, Granby Prentice, failed to submit an opening offer on time.
The only trust deed sold on Friday was a 7.34-acre parcel north of the Fraser River, known as the Director’s Parcel. The package was returned to Granby Prentice for $10 million. This number is an undersupply, which means that the amount of money owed to the lender was more than the fair market value of the property.
This specific parcel was 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 that the Director’s plot encompasses most of the boundaries of the Headwaters metropolitan district. By buying this flat, it seems that the lender intends to take over the metro district.
The other four sales at the Granby Ranch continued through 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 they want to delay the sale.
The four remaining trust deeds relate to the undeveloped land mass in the Granby Ranch area, as well as ski and golf amenities. Once the sale is complete, the ski and golf resort will still be subject to the lease-purchase agreement with Headwaters.
As the lender owns the district boundaries, Granby Prentice will likely assume liabilities associated with the Granby Ranch management contract and lease-purchase contract held by Headwaters. Until now, the lender had no direct control over the metro district.
Two people currently serve on the Board of Headwaters: Lance Badger and Christopher Harff.
Badger is a former employee of Granby Ranch and currently a consultant for the Receiver of Granby Ranch. He said on a conflict disclosure form that he plans to work for the lender once the Granby Ranch sales are completed.
Harff owns an undivided interest and pays taxes in the director’s plot, according to his disclosure. That 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 Badger and Granby Prentice entered into a subordination agreement tied to the trust deed listed for Friday’s foreclosure sale.
The remaining four sales are scheduled for July 31 with starting bids totaling $12.2 million. These amounts are also considered top-up offers.
Headwaters has canceled its board meeting which had been set for July 15 and it has not yet been rescheduled.