Bank Accepts Offer To Buy Tobiano

By Tim Petruk

13.05.23-tobiano.teeAfter 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.

13.05.23-tobiano.signAfter 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