Please see the current pending transactions below for properties within Tamarack Resort. Stay tuned as more offers are being submitted today. These transactions will put us at 71.8% of total gross sales in Tamarack compared to all of 2016. Contact Trisha Sears for more information on our remaining available properties at Tamarack Resort.
111 Council Court – Estate Home – Close of escrow (COE) 3/15/17 List Price: $1,200,000
110 Golden Bar – 3BR town home – COE 1/26/17 List Price: $399,900
90 Golden Bar – 3BR town home – COE 2/22/17 List Price: $389,900
14 Rock Creek – Cottage – COE 1/28/17 List Price: $375,000
3 Golden Bar – 2BR town home – COE 2/17/17 List Price: $279,900
731 Whitewater – Estate Lot – COE 2/28/17 List Price: $299,000
339 Discovery – Estate Lot – COE 1/31/17 List Price: $149,900
Today’s article in the local Star News. Note, there are other potential investors/buyers for the Tamarack Resort Development at this time, not mentioned in this article. Stay tuned as the finish line may be near.
BY TOM GROTE
for The Star-News
The former Osprey Meadows Golf Course at Tamarack Resort took one step closer to being put back into operation last week.
The 200 acres of overgrown land was secured during a sheriff’s auction last Thursday by its largest creditor, Receivership Management Inc., of Brentwood, Tenn., using a technique called a credit bid.
The $3 million bid was offered by Boise attorney T.J. Angstman on behalf of Receivership Management Inc. during the auction on the steps of the Valley County Courthouse in Cascade.
The amount represents roughly the amount that former golf course owner Matthew Hutcheson illegally transferred from Retirement Security Plan & Trust of Wichita Falls, Texas.
Hutcheson was convicted in 2013 on 17 counts of wire fraud and is serving a 17-year prison term. Receivership Management Inc. was hired by RSPT to try and recover the lost money.
Only one other bid was received on the land, a $500,000 bid by James Roberts of JBR Holdings of Eagle who said he was representing Salt Lake City businessman Walter Plumb III.
The bid was not accepted by Receivership Management Inc., which wanted to get at least $1.2 million for the property.
With the sheriff’s auction completed, the golf course, which last operated in 2014, can now be sold on the open market, Angstman said.
“This is the beginning of the end, maybe,” he said.
In June, The Star-News reported that the golf course had been sold to Plumb III for $1.2 million. However, the deal was never completed because Plumb could not get title insurance quickly enough to close the property, Roberts said last week.
Plumb would still like to acquire the golf course as well as the other uncompleted or undeveloped portions of the resort, Roberts said.
“Our goal is to turn the resort around,” he said.
Angstman has received one estimate that says the golf course, which has not been maintained for two years, could be restored for about $200,000.
One step toward consolidated ownership could come on Feb. 21, when Valley County will auction a variety of parcels previously owned by NewTrac, a subsidiary of Credit Suisse, the original loan-holder for the resort.
Tamarack home owners bought out the properties owned by NewTrac in October, but only paid the property taxes due on parcels necessary to run the ski area and other resort amenities.
The rest of the parcels could be developed and sold to help finance the revival of the rest of the resort, Roberts said last week.
Those parcels include the 38-lot Blue Mountain Subdivision, 14 privately owned hotel rooms in the Lodge at Osprey Meadows, timbered land, the former medical clinic and the former Crane Creek Market.
Delinquent taxes for those 18 parcels total over $13 million, Valley County Treasurer Glenna Young has said.
Also sought by Plumb is Village Plaza, the massive multi-building condo and commercial complex in the core of the resort that has sat unfinished since 2008.
Roberts said he had discussions with representatives of the Village Plaza owner, UWW, Inc., of Puyallup, Wash.
Plumb did not reply to a request for an interview by The Star-News.
Prospective Tamarack Resort owner has ties to Utah elite
The man who would revive Tamarack Resort near Donnelly has ties to prominent people in Utah in addition to doing overseas work for the Church of Jesus Christ of Latter-day Saints.
Walter J. Plumb III said through a representative in Cascade last week that he would like to buy up all the outstanding pieces of the resort and complete the financially troubled project.
Plumb had a deal to purchase the former Osprey Meadows Golf Course last spring, but the deal fell through, according to his representative, James Roberts of JBR Holdings, of Eagle.
Roberts was in Cascade last Thursday to bid during a sheriff’s auction of the 200-acre golf course property on behalf of Plumb.
His bid of $500,000 was lower than the $1.2 million minimum required by creditors, but Plumb will continue to negotiate for the golf course and other unfinished parts of the resort, Roberts said.
“Our goal is to turn the resort around,” he said, emphasizing that moving forward would need to make sense financially.
Plumb, 70, did not respond to requests by The Star-News for an interview, but a detailed biography is found on the website of CharityVision, a Utah nonprofit group that seeks to rid the world of curable blindness.
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I believe the word is out again about Tamarack Resort. We haven’t seen this consistent traffic and skier visits since 2008! Although our homeowners and loyal guests joke about having lift lines, the 2-5 min wait was bearable. The skiing/riding was spectacular whether in the powder, trees or our 2800 vertical feet of groomers. Lots of snow shoeing, cross country skiing and fat tire biking was had as well. The Torchlight Parade and Fireworks did not disappoint, with a record turnout at the snow front for the NYE festivities. Seven Devils Pub, Canoe Grill and Vertical Bar were high energy with great food, and fast and friendly service. The Fitness Center saw lots of action, the Bar at Morel’s proved to be a nice, elegant spot for a beverage, and the SPA at Tamarack received great reviews.
The Tamarack Realty Tour of Homes was a great success with a lot of traffic through our eight homes on tour. Within the past week Tamarack Realty has one property under contract, one offer came in and closed escrow in 48 hours, another offer written and should be in contract tomorrow, and multiple showings on custom homes, chalets, townhomes and cottages that should translate into a few more offers in the next week. Earlier in December, we put 8 townhomes under contract that will close at the end of this month, and a slope side homesite to close next month. We look forward to welcoming our many new TamFam members to our community and the positive direction that Tamarack Resort is heading. Here’s to 2017….potentially the greatest year in Tamarack’s short history!