RSSVineyards Resort sidesteps foreclosure sale
Yakima Herald-Republic
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A foreclosure sale for The Vineyards Resort property, northwest of Zillah, was postponed Friday for several weeks.
The sale is tentatively rescheduled for Nov. 21, Dennis Copeland of Legal Couriers, the local firm handling the sale on behalf of the trustee, announced Friday morning in front of the Yakima County courthouse.
A small group of people, including the developers of the 500-acre golf and residential resort off Nightingale Road, attended to make sure the sale did not go through.
The developers, SBC, reached an agreement earlier this week to cancel the sale, scheduled because of the failure to repay a $12.9 million loan to get the project off the ground.
SBC includes Yakima builder Craig Schultz and Gary Scott of Ellensburg. The other main participants are Eagle Resort Development of Colorado. Schultz said an initial first payment had been sent on Thursday.
The agreement allows the developers to begin repaying the 2006 loan, which has been in arrears since last year.
The Vineyards, as designed, will include an 18-hole golf course and clubhouse, 582 home sites, a hotel, recreation center and a retail complex. Backers of the $100 million project want to build on the growth and success of the state’s wine industry, attracting home buyers and visitors to enjoy golf, wine and recreational opportunities in Central Washington.
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