Vineyards Resort sidesteps foreclosure sale

by David Lester
Yakima Herald-Republic

Links
Email_black_18  E-mail           Print_black_18  Print            Talk_black_18  Comments
Advertisement

More 'Local'

  1. Hot cooking oil blamed for starting fire
  2. Nineteen new judges, pro temp
  3. Man suspected of shooting at boys is arraigned
  4. Third suspect arrested in shooting death
  5. Faul to run for District Court judge
  6. Man who walked away from home monitoring is arrested
  7. One lane of Highway 12 to be closed starting today.
More Stories:   Today's News | This Week

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.



Commentsicon2
Log in or Register to leave a comment.

Posting Guidelines - Updated Aug. 21 2009
Readers are encouraged to use these forums to discuss issues affecting the Yakima Valley. Debate the ideas presented in stories and other comments, but refrain from personal attacks and offensive remarks aimed at others; e.g., you may call an idea idiotic, but don't say the person is an idiot. The Herald-Republic reserves the right to remove any comment for any reason. Examples include material that is obscene, encourages illegal activity or stereotypes based on race, gender, sexual orientation, religious beliefs and other factors. Continued violation of these guidelines can lead to suspension or revocation of your ability to post comments. If you believe a comment is inappropriate, you can bring it to our attention by clicking the "report violation" link by each comment. Guidelines revised Aug. 21, 2009.

Registered User?