News from the Knoff Group

Club at Spanish Peaks Resort, located in Big Sky, Montana – is finally emerging from bankruptcy.  Entering Chapter 7 in October of 2011 – trustees announced in early December that a plan had been struck.

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The Club at Spanish Peaks is located on Flatiron and Andesite Mountain – adjoining Big Sky resort the bottom of Andesite via Southern Comfort chair.  The resort includes a Tom Weiskopf designed golf course, 7,200-yard, par-72 18 hole course, which opened in 2007, two chair lifts,  has 18 signature holes. Bozeman’s Gallatin Field Airport is approximately 50-minutes from The Club at Spanish Peaks. Launched in January 2004 as a private ski and golf club, The Club at Spanish Peaks has more than 5,700 acres, 70 percent of which are preserved as open space. The development ranges in elevation from 6,000 to 9,000 feet.  There were originally 850 entitlements.

According to the Big Sky Weekly, Eastdil Secured, an international real estate investment company based out of New York City, will market for and represent the property moving forward. The bankruptcy court approved Eastdil on Dec. 6, and interested parties have two weeks to file an objection, according to court documents. Eastdil will begin sending out teasers to potential buyers in January. This list, or pitch book, will include between 100 and 200 interested parties.

Floor price has been set at $20 million.

Deal in numbers, courtesy of the Big Sky Weekly:

• Face value on the Spanish Peaks debt is more than $122,000,000,
• Club will go to the highest bidder
• $20 million, cash in hand would be accepted
• Richardson will receive a $750,000 “carve out” from the secured lenders once a sale is finalized. The carve out will come out of the total sale of the property, and will pay court and lawyer expenses and administrative costs, as well as Eastdil for its work initiating a sale.
• If the property sells for more than $20 million, secured lenders will add 2 percent to any additional sale money to go toward the carve out. If no one bids at least that much, the lenders can accept the lower bid or retain the property.

Article may be read at http://www.explorebigsky.com/newspost/spanish-peaks-assets-to-go-on-sales-block