Owner of Granby Ranch to surrender property as lender takes over
The lender for Granby Ranch intends to take back the property.
In a letter delivered to the Granby Board of Trustees on Tuesday, the owner of Granby Ranch, Maris Cipriani, said the lender has indicated it intends to take back the Granby Ranch property, which serves as collateral for the loan.
Granby Reality Holdings is in conversations with its lender, Granby Prentice LLC, for a deed in lieu of foreclosure, which allows the owner to surrender the property and avoid foreclosure proceedings.
Signed by Cipriani, the letter says Granby Ranch expects the lending company to take the title to the property soon, but the ranch plans to continue winter operations through the 2019-20 ski season.
Leadership at Granby Ranch said the resort itself is not being surrendered to the lender, only the real estate holdings surrounding the resort.
“While ownership of the Granby Ranch real estate holdings will change, the resort portion of the Ranch will continue to operate as usual, with opening day on Friday, Dec. 13,” said Greg Finch, Granby Ranch chief executive officer.
Granby Reality Holdings had been pursuing a sale of the property. Granby Ranch has been on the market for 18 months and saw over 70 prospects for the property, according to the letter.
The real estate listing for the sale is no longer available.
The letter states that in final stages of negotiating with a potential buyer from Denver, Granby Prentice declined to proceed with the sale on terms acceptable to the buyer.
The letter was presented during the town board’s Tuesday meeting when bonds Granby Ranch owed the town were due. As the soon-to-be owner, Granby Prentice will assume all obligations that run with the land, according to the letter.
Granby Ranch owes the town $1.7 million for bonds related to road repair. The board unanimously approved a motion to call the bonds, and citizen’s reactions to this news centered on concerns for road repairs in Granby Ranch, which had been raised at previous meetings.
The board also moved to restrict sales, building permits and certificates of occupancy for the Granby Ranch properties and any successors. The board’s attorney was given direction to ensure a reimbursement agreement is put in place.