Granby Ranch doesn't like Taxes (Apparently)?

EMSC

Well-known member
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/
 

EMSC

Well-known member
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/afte...th-sale-buyers-identity-remains-confidential/

https://www.skyhinews.com/news/gran...-after-owner-reported-sale-was-back-on-track/

https://www.skyhinews.com/news/owner-of-granby-ranch-to-surrender-property-as-lender-takes-over/
 

EMSC

Well-known member
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/
 

EMSC

Well-known member
I love the headline on the last Jason Blevins article from a few weeks back: Mayhem continues at Granby Ranch as new owner takes over Grand County ski and golf community

https://coloradosun.com/2020/09/03/granby-ranch-sale-owners-deal-terminated/

It's like a bad soap opera or a train wreck. You don't really want it, but you can't stop yourself from watching the whole thing with a bag of popcorn. :popcorn:

The wonderfully named "Granby Prentice Granby Holdings" entity is about as friendly and transparent on their views and regard for the asset and community as a dead squirrel. It's pretty obvious at this point that one of the principals in Pacific Coast Capital Partners is the money and decision maker behind the Granby Prentice Granby Holdings entity. Seems dumb at best to continue to try to hide from the community. Or stated another way its a good strategy to totally alienate the entire community up there. They could find themselves surprised at the limitations that the locals in government positions can put on the place/sale, etc...
 

EMSC

Well-known member
I'm sure that everyone thought this thread was over now that the place changed hands; but the drama continues at Granby Ranch. Though this one is focused less on the actual ski resort side and more on the development surrounding it. The "Granby Prentice Granby Holdings" entity is still out to make enemies with the locals it would seem. Hard to tell given the near silence on all topics from them, but the unbelievably convoluted legal structures in place would have driven me away long ago if I had ever looked at a place there. No idea why others didn't run away screaming upon finding out.

Metro district battle in Granby pits property owners against developers
https://www.denverpost.com/2021/03/28/metro-district-granby-property-developers/
 

EMSC

Well-known member
Well, now some avid vacationers from Missouri are apparently going to buy Granby Ranch.

I do like that they apparently plan to keep industry types in change of the ski and and golf aspects respectively. Similar to a sports team owner, they are the face and cash? Hope so for the resorts sake. Far too many remote owners of ski areas fail and fail badly IMHO. The lists of them in Colorado itself are seemingly endless.

https://www.skyhinews.com/news/new-developer-to-purchase-granby-ranch/
 

jamesdeluxe

Administrator
EMSC":19mzt3uu said:
Far too many remote owners of ski areas fail and fail badly IMHO. The lists of them in Colorado itself are seemingly endless.
Can you cite a few of the more interesting failures?
 

EMSC

Well-known member
There are plenty of examples, but one of the best is Cuchara in the southern part of the state.

http://www.coloradoskihistory.com/lost/cuchara.html

See if you can count how many different Texans have owned it...

I suspect that it would still be a bit of a struggle due to snowfall, but quite possibly could have survived OK if someone owned it who was both local and knew anything about the ski business.
 

EMSC

Well-known member
I give them about 50% odds of getting the beginner lift open for next season. They've been claiming "oh, next season" for at least a few years in a row. The beginner lift is on private land that is owned, the rest is on NFS land and they have no permit yet. Though they are actively encouraging people to skin up and ski the trails up there. Presumably to prove at least some demand exists so they can more easily gat a permit in the future.
 

jamesdeluxe

Administrator
EMSC's favorite CO independent ski area is in the news:

 

EMSC

Well-known member
Hey, at least Granby Ranch is being run by reasonably competent people finally! That only took a couple of decades. Of course I shouldn't talk too loudly as Eldora was also pretty poorly run for quite a long while, but has been well run for a decent number of years now finally.

Interestingly I've never skied at either Granby or Echo. I've driven up to Granby in spring/summer and it's not the most intuitive layout/location to say the least. Lots of condo/house roads zig-zagging all over even through some of the ski terrain, etc... the steeper lift with short, steep, odd roll overs and a narrow-ish combined way back down to the lift. And that is once you climb/drive up a long ridgeline and back down again to get to the official base area. I wish them and Bode Millers proposed race school luck. Not exactly the top place IMHO to put a racing academy, but who knows.
 
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