has defaulted on $177.1 million in loans it received from the Cayman Islands branch of Credit Suisse AG in 2006 and 2007 to purchase about 2,500 acres of land east of Fountain Hills.
Goldfield Ranch Phase III, also known as the Preserve at Goldfield Ranch, was designated for nearly 1,000 luxury homes. It also was to include the Canyon Ranch Resort and Canyon Ranch Spa, according to the Ellman website.
The proposed development would have straddled State Route 87 and shared a border with the Fort McDowell Yavapai Nation. The Indian community was against it, but the Maricopa County Board of Supervisors gave it a preliminary OK by a 5-0 vote in December 2007.
The controversy may be moot, given that the land is scheduled for trustee sale Aug. 4. Ellman purchased the land at the height of real estate prices in the metro area.
Don Kile, president of the Ellman Cos. Master Planned Communities, said in a statement that the company continues to work with lenders to resolve financial issues and maximize the Goldfield project’s value and marketability.
“The outcome of this particular project will not affect any of the Ellman Cos.’ other projects, as all of Ellman’s U.S. real estate projects are operated, managed and financed independently,” Kile said.
The Fort McDowell Yavapai Nation and Board of Supervisors had no comment.
The Ellman Cos. purchased the largest parcel of the proposed development in June 2006 from Fountain Foothills LP and two related limited-liability companies. That parcel was surrounded by the reservation and the Tonto National Forest. The Phoenix-based development firm continued to amass adjoining properties into 2007 and then submitted its initial plans to the Board of Supervisors for approval.
Concerns about fire protection and water supplies were among the most significant issues raised by the Fort McDowell Yavapai Nation.
WASHINGTON - Taking aim at deceptive lending, the Senate on Wednesday voted to ban mortgage brokers and loan officers from getting greater pay for offering higher interest rates on loans and to require that borrowers prove they can repay their loans. more…
Several pieces of important Arizona legislation that would have slowed foreclosures and potentially aided in the recovery of the housing market died in the recent session.
But some key bills did survive, and the new laws will help. more…
by Justin Doom Arizona Republic May. 10, 2010 12:00 AM
The short sale has gone upscale.
Associated Press A 5 bedroom, 5 1/2 bath Tuscan-inspired home in Paradise Valley, Ariz. is shown.
While sellers at the housing market’s low end initiated the widespread use of short sales as an alternative to foreclosure, Valley real-estate agents said there has been a clear trend toward luxury homes, even those in the multimillion-dollar price range, being sold via short sale. more…
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