Anyone with dreams of owning their own golf course could be in luck 鈥� two are up for sale at Langford's Bear Mountain.
As part of a court-ordered sale, hundreds of acres of the resort development 鈥� including two 18-hole golf courses and Canada鈥檚 largest indoor/outdoor red clay court facility 鈥� have been listed for sale.
Zoning permits development of over 2,310 single-family, townhome and/or apartment units, plus 120,000 square feet of commercial space.
The Westin Bear Mountain Resort and Spa is not affected by the sale, where it is business as usual.
The move to sell was approved by the B.C. Supreme Court July 15, at the request of Alvarez & Marsal Canada, the court-appointed receiver overseeing the operation of the companies that own Bear Mountain Resort.
The development, located in Langford and the Highlands, has been under receivership since September last year following a court petition by Sanovest Holdings Ltd.
After Ecoasis 颅Developments LLP failed to pay off a $62 million loan in full by last spring, Sanovest requested that a receiver be appointed.
"Today, a unique opportunity exists to acquire the remaining development assets within this thriving community, as well as the 'resort operations' which include golf operations, world-class tennis facilities and the expansive bike and walking trail network," says the listing on the Colliers Victoria website.
Potential bidders have until Sept. 16 to submit a letter of intent, which must outline their anticipated sources of capital for the purchase.
Qualified bidders will then move on to a final bid process, which has a final deadline of Nov. 3.
