Priced five years ago at $37 million after plans for a $650 million golf resort collapsed into bankruptcy, the Wyndansea property on Vancouver Island is back on the market – for less than $8 million.
Jones Lang Lasalle of Vancouver listed the 360-acre oceanside site just north of Ucluelet April 8 on behalf of the lenders, who are owed an estimated $25 million.
"We've dropped the price to $7.95 million," said realtor Alan Johnson.
"The lenders are now looking back to the market for sale. They had been giving [the former owners] some time, but that time now has ended," Johnson said.
The original plans called for an 18-hole Jack Nicklaus designed golf course, a five-star hotel, a luxury condo development and Signature Circle, a series of oceanfront and ocean view residential lots priced up to $600,000.
Now anchored by a partially complete golf course and spectacular waterfront, the property has three kinds of zoning: single family, multifamily and hotel. Thirty lots make up the Signature Circle, half of those are waterfront, and all are serviced. The rest of the lots are roughed in, with interior roads mostly done.
"There's a significant level of development that has been done," Johnson said, estimating that $25 million or $30 million worth of investment and improvements have been completed.
See the May issue of Western Investor for more on recreational real estate prices.
