More pieces of Tamarack hit the auction block

More pieces of Tamarack hit the auction block

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by KTVB.COM

KTVB.COM

Posted on August 27, 2013 at 11:04 PM

Updated Wednesday, Aug 28 at 8:48 AM

BOISE -- Pieces of Tamarack Resort are now being auctioned off in sheriff's sales, with the large Village Plaza set for a sale on the Valley County Courthouse steps on September 5.

Construction at Tamarack stopped five years ago because of financial struggles, including the resort's default on a $250 million loan.

So far, 16 unfinished townhomes have gone through the auction process, with two creditors taking all of them. The Fairmont site, where a hotel was to be built, will be auctioned on September 24th.

The other parts of the resort have yet to be scheduled for sale.

Representatives of the resort say the sale means fragmented ownership for awhile.

"Regardless, all of these pieces have to go through sheriff's sales to sort of fully end the foreclosure, so there may be this interim period of multiple ownership with the end goal of bringing everything back together," said David Papiez, Controller and Asset Manager for Tamarack Resort, LLC.

Tamarack officials say their goal is to keep the resort running as seamlessly as possible for guests, and ultimately to get the resort village, hotel and other construction finished with a new owner.

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