DONNELLY, Idaho -- Tamarack Resort LLC. once controlled 3,500 acres on West Mountain in beautiful Valley County.
Skiers and golfers still enjoy the property year-round. However, foreclosure and bankruptcy have fractured Tamarack into pieces over the past 6 years.
Those pieces are now being reassembled - all except for the biggest one - a major parcel that includes lifts, lodges, and hundreds of acres of investment property financed by the European financial group Credit Suisse.
The property is valued at $327 million, including unpaid debts and interest on the resort's original $250 million loan.
A foreclosure sale scheduled on the property for Wednesday was postponed last week. It's the second time that's happened in the last three months. No future sale has yet been scheduled.
Tim Flaherty represents about 400 homeowners that now operate the resort under the Tamarack Municipal Association. Flaherty predicts Credit Suisse is postponing the auction so bank officials have time to prepare to take over the property.
"The sooner it's foreclosed, the sooner we get to that one-year-period where they can move forward with selling it," Flaherty told KTVB.
Flaherty says Credit Suisse officials are likely working to understand the financial and legal responsibilities entailed by controlling the resort, including the requirement for a year waiting period before Tamarack can be resold to a more appropriate buyer. He says the foreclosure process should be complete by 2014.
"We look forward to a new owner - a new responsible owner ... where we can move forward with controlled growth, and that's going to be a big shot in the arm for Valley County," Flaherty told KTVB.
In contrast, David Papiez, the financial controller for Tamarack Resort LLC., says it might be presumptuous to predict Credit Suisse will step in and take control. He says other buyers could still be interested.
Read more here: Tamarack foreclosure process nearing end
In the meantime, here's what's already been auctioned, or turned over to creditors.
- The resort's central Village Plaza, taken over by a Seattle Contractor on September 5.
- 16 townhomes taken over by an architecture firm and a Boise contractor a week later
- The planned Fairmont Hotel site taken over by a Florida investment firm on September 24
Other properties still to be sold include Tamarack's Osprey Meadows golf course and a planned addition called the Lake Wing extension to the Oprey Meadows lodge.