The troubled 1,000-acre Tobiano golf resort near Kamloops, ranked as among the top 10 courses in Canada, could be sold for less than half the $31 million owned to creditors, according to realtors close to negotiations.
Bowra Group, the receiver appointed by major creditor Bank of Montreal, put the entire resort up for sale last year through NAI Commercial in Vancouver. BOM is owed at least $26 million while the Business Development Bank is owed $5 million.
J.D. Murray of NAI Commercial in Vancouver said they have received 26 expressions of interest in the golf course and another 10 for the development land, which includes three residential subdivisions, a planned equestrian centre and a potential hotel site. Murray said potential bidders include local groups and investors from Alberta, the United States and Hong Kong.
"Buyers are sitting in the weeds. We don't expect to have a firm offer until the golf course opens this spring," Murray said. Insiders say $12 million to $15 million would likely represent the winning bid for the entire project.
Building lots continue to be sold at Tobiano, with prices starting at around $129,000 and ranging to nearly $400,000, according to River City Realty of Kamloops.
Bowra Group has also won B.C. Supreme Court approval to sell a parcel of the land to Bruker Developments Ltd., which plans to build a $3 million marina on Kamloops Lake as part of Tobiano. Bruker bought the three lots needed for the marina for $1, according to an agent familiar with the transaction.
Quentin Granger, general manager of Tobiano Resort, stressed that the deal must first obtain approvals from the provincial government because it is on Crown foreshore. "We're almost there. We're just waiting for provincial approval."
Grainger said the project will be funded through leases sold on marina slips, about $2,500 a year for a typical ski boat. The developers already own property at Tobiano and have developed other marinas in B.C. "They have a vested interest in Tobiano," Grainger said.
