News Nugget
Touted as Utah’s ‘Yellowstone Club,’ Elk Meadows Also Goes on the Auction Block
By Courtney Lowery, 11-12-09
Once hailed as the Utah version of the posh Yellowstone Club, the Elk Meadows development near Beaver has followed a similar fate and is now on the auction block.
As the Salt Lake Tribune reported earlier this week, the development near Beaver, which was supposed to have all the amenities of the high-end resort market of earlier this decade: Jack Nicklaus golf course, private ski runs and extravagant second homes, was once worth $3.5 billion, but is now in an online auction with a suggested value of $5.15 million. But, the starting bid is $1 million. As Jodi Peterson notes on the High Country News Goat blog, (HCN, by the way, did a good story on the resort in 2008, which you can read here) in May, the Yellowstone Club was sold for $115 million.
The original developers, the Mount Holly Partners, filed for bankruptcy this summer, but in the face of objections from one of the resort’s investors, MHU Holdings of New York City, the bankruptcy was rejected and Mount Holly turned the property over in foreclosure proceedings.
It’s just the latest of many similar stories playing out across the region (see one about a Montana resort here) where the resort market has given way to a bankruptcy market and now, a foreclosure market. At least the real estate law market is booming.
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Now we are seeing what these things are really worth in a reality-based world.