Bank Accepts Offer To Buy Tobiano
By Tim Petruk
After nearly two years in receivership, Tobiano appears to have a buyer.
"There is an offer that's been made on the golf course and it's been accepted by the bank," Quentin Granger, Tobiano's general manager, told KTW. "It's two private buyers — one from the Edmonton area and one from the United States." Granger said it's still early in the process and details — as well as a closing date — are being ironed out.
The award-winning golf course, located 20 minutes west of Kamloops on the Trans-Canada Highway, was listed in 2012 for a sale price of $5.5 million — separate from the larger Tobiano development.
Granger said those private buyers — and others — have also been kicking the tires of the development as a whole. "At this moment in time, the offer is just for the golf course," he said. "But, I understand the same people and others are interested in the entire development potentially as well."
Last year, a judge awarded the Business Development Bank of Canada — Tobiano's current owner — the right to market the golf course separate from the larger residential development. According to court documents, Pagebrook Inc. and Kamlands Holdings Ltd. — both companies owned by Mike Grenier, Tobiano's original developer — were $26-million in debt at the time the development was forced into receivership. Granger said he expects to have more information about the pending sale later this week.
After nearly two years in receivership, Tobiano appears to have a buyer, with a joint offer from an Edmonton-area and a United States investor having been accepted by the Business Development Bank of Canada, the owner of the award-winning golf course.
reprinted with permission from Kamloops This Week