The owner of the Granby Ranch sells his property while the lender takes over

The Quick Draw Express lift at the Ski Granby Ranch.
Lance Maggart / Sky-Hi News

The Granby Ranch lender intends to repossess the property.

In a letter delivered to the Granby Board of Directors on Tuesday, Granby Ranch owner Marise Cipriani said the lender had indicated its intention to repossess ownership of the Granby Ranch, which serves as collateral for the loan.

Granby Realty Holdings LLC is in talks with its lender, Granby Prentice LLC, for a deed in lieu of foreclosure, which allows the owner to transfer the property and avoid foreclosure proceedings.

Signed by Cipriani, the letter says Granby Ranch expects the lending company to take title to the property soon, but the ranch plans to continue its winter activities throughout the 2019-20 ski season.

Granby Ranch management said the complex itself was not ceded to the lender, but only to the real estate surrounding the complex.

“Although the ownership of the Granby Ranch real estate holdings changes, the resort portion of the Ranch will continue to operate as usual, with opening day Friday, December 13,” said Greg Finch, COO of the Ranch. Granby Ranch.

Granby resident Natascha O’Flaherty told Sky-Hi News that under the current management contract, the resort will remain open throughout the season and there are plans to find new management for the resort for the next year.

O’Flaherty also said that although the lender takes ownership of the property, the resort’s ski and golf equipment remains subject to the lease-to-own agreement in which the owners have already paid several million dollars.

Granby Realty Holdings continued to sell of the property. Granby Ranch has been on the market for 18 months and has seen more than 70 prospects for the property, according to the letter.

The real estate ad for sale is no longer available.

The letter indicates that during the final stages of negotiation with a potential buyer of Denver, Granby Prentice refused to proceed with the sale on terms acceptable to the purchaser.

The letter was presented at Tuesday’s city council meeting when the obligations Granby Ranch owed the city were due. As the future owner, Granby Prentice will assume all obligations related to the land, according to the letter.

Granby Ranch owes the city $ 1.7 million for obligations related to road repairs. The board of directors unanimously approved a bail call motion, and citizens’ reactions to the news focused on concerns about road repairs at Granby Ranch, which had been raised at previous meetings.

The board also decided to restrict sales, building permits and certificates of occupancy for Granby Realty Holdings and any successor. Counsel for the board has been given instructions to ensure that a repayment agreement is in place.

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