Creditor coming for ‘spectacular’ estate property
A home described as “one of the most spectacular” ever built in Osoyoos is deep underwater.
Calgary-based lender Shorebrook Capital Inc. last week applied to the B.C. Supreme Court to have its mortgage on the property declared in default and the owners ordered to pay $8.2 million — more than twice the property’s assessed value.
The defendants are listed as the home’s owners, Osoyoos realtor Tracy Doucette and her husband Darren Doucette.
Reached by phone by The Herald on Monday, Tracy Doucette declined comment and said her lawyer would be in touch with the newspaper.
The debt is allegedly owed on the so-called Bella Vista estate at 3715 30th Ave., which BC Assessment pegged at $3 million as of July 1, 2022.
A marketing video for the property uploaded to YouTube in 2020 describes a 6,000-square-foot home with seven bathrooms and three bedrooms “surrounded by beautiful vineyards, captivating views of Lake Osoyoos and mature landscaping. Bella Vista offers Tuscanstyle living while reflecting the integrity of an old world charm with modern-day luxury.”
Other features of the home, which was built in 1996, include a cedar-lined 500-bottle wine cellar, saltwater pool, sauna, tennis court, putting green and threecar garage.
“An extra-rare find, Bella Vista estate (is) one of the most spectacular homes ever built in Osoyoos,” states the YouTube listing.
According to Shorebrook’s court petition, it first loaned money to the Doucettes and two of their related companies in 2014.
Five years later in October 2019, the two sides allegedly hammered out a debt reorganization agreement with a total amount owing of $6.4 million. The deal contemplated a $1.5million principal payment within eight months, but it’s alleged to have never materialized.
With additional interest tacked on, Shorebrook is now seeking $8.2 million.
Also listed as defendants in the lawsuit are Daniel Allen Scott and Sandra Elaine Scott, who allegedly hold the first mortgage on the property.