Granby Ranch doesn't like Taxes (Apparently)?

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Granby Ranch doesn't like Taxes (Apparently)?

Postby EMSC » Wed Oct 04, 2017 10:01 am

Fun story I saw in the post last night. It takes a lot before the Sheriff shows up and locks your doors literally. So there definitely wasn't a simple 'mis-understanding'. Apparently they still owe big bucks for Real Estate Taxes for the prior two years. Based on that I'd think there is a good possibility of bankruptcy in the next year or so and/or it coming on the market for sale in the next year.

One has to wonder if it is the resort itself that is that financially strapped and/or incompetently managed, or if it is the Brazilian owners taking all the cash flow it generates and leaving the local management team with literally nothing to work with? Based on past moves by the foreign owners I'd wager that the odds are at least as solid for that theory as for the place just not making any money.

http://www.denverpost.com/2017/10/03/ski-granby-ranch-resort-seized/
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Re: Granby Ranch doesn't like Taxes (Apparently)?

Postby EMSC » Mon Oct 09, 2017 12:35 pm

Here's a follow up on the Real Estate taxes that have yet to be paid. Anyone want to speculate in some RE just down valley from Winter Park?

http://www.denverpost.com/2017/10/09/granby-ranch-still-owes-380k-delinquent-property-taxes/
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Re: Granby Ranch doesn't like Taxes (Apparently)?

Postby EMSC » Tue Nov 14, 2017 1:31 pm

And, as predicted, Granby Ranch is going up for sale. Slightly quicker than I had thought likely.

http://theknow.denverpost.com/2017/11/14/granby-ranch-ski-golf-resort-sale-2017/166515/
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Re: Granby Ranch doesn't like Taxes (Apparently)?

Postby EMSC » Fri Dec 13, 2019 6:30 pm

Yikes, what an ownership mess.

For a good intro to 2019 developments to the whole mess start by reading the first link below, which is from way back in January 2019.

The end result is that the matriarch is probably welshing on her own sister on purpose who put up nearly $20M in assets on a loan. The family then also borrowed >$55M from a mysterious LLC incorporated in Delaware back in 2016. Apparently never put any of it into the hill (as can be seen by the cheapskate operation they have run resulting in the lift accident a few years ago). Then once the sister put a lean on the potential proceeds from the sale, the Cipriani's are forfeiting the property to the $55M LLC based lender from 2016... so no sale per say and no proceeds to have to pay back her sister. Just wow what a mess.

Have to say I've never heard a single good thing about the family at the center of this mess. Sort of reminds me of the huge mess at Timberline, WV where that place finally just sold in bankruptcy. At least this one operated continuously.

The big question of course is where the He)) did all the various loan $$ go to over the years. It certainly didn't go into the hill.


https://www.skyhinews.com/news/after-delay-granby-ranch-moving-forward-with-sale-buyers-identity-remains-confidential/

https://www.skyhinews.com/news/granby-ranch-has-nothing-new-seven-months-after-owner-reported-sale-was-back-on-track/

https://www.skyhinews.com/news/owner-of-granby-ranch-to-surrender-property-as-lender-takes-over/
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Re: Granby Ranch doesn't like Taxes (Apparently)?

Postby EMSC » Fri Jan 17, 2020 10:39 am

And... more sad trombones for the Cipriani family... After trying to literally give the deed to Granby Ranch to their primary lender, the lender says sorry, no thanks; you owe us way more than that is worth. And the lender is now filing a lawsuit of which foreclosure is just one part of it...

Of course I think most are still trying to figure out where the $48M in loan money went (with interest now $62M owed). It certainly never went into the hill. Or infrastructure, or.... Heck they should have brand new everything on that hill including lifts, snowmaking, groomers, lodges, etc.. for that kind of money.

On the other hand the Cipriani family seems quite slimy - at least the current generations. They are part of so many lawsuits and appear to have embezzled money all over the place. How they still have a hand in literally any business operation at this point is beyond me.

Jason does a pretty good job with following the ski industry in Colo (also the author of previously linked Avalanche lawsuit stuff in the other thread). It's a fun read - if you are into train wrecks anyway.

https://coloradosun.com/2020/01/16/granby-ranch-cipriani-foreclosure-debt/
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