Court order signals end of dream called Kelowna Mountain
All of troubled Kelowna Mountain will soon be for sale.
The latest court rulings indicate the remaining half of the 259-hectare property overlooking Okanagan Lake in the Upper Mission off Chute Lake Road will be sold off in a foreclosure sale.
In February, the court ordered the sale of half of the property — the 129 hectares containing a 604-square-metre welcome centre, an amphitheatre and land for a proposed golf course.
Last week, the court ordered the second half of the site, the parcels with a wine cave and suspension bridges to viewing platforms, be put up for sale as soon as May 7.
Kelowna Mountain developers Mark and Nicola Consiglio have the right to appeal but, even if they do, the end seems imminent.
After years of financial problems and controversy, Kelowna Mountain will be sold off either as a whole or in pieces.
The final toppling of the Consiglio’s dream started in August when B.C. Supreme Court ordered them to pay $1.6 million, plus interest, to Vancouver-based Tri City Capital to cover three defaulted mortgages from 2012.
The Consiglios were supposed to be making mortgage payments of $50,000 a month, but they stopped making the installments.
The first half of the property was put up for sale for $8 million in February in a listing by HM Commercial Group, a division of Macdonald Realty in Kelowna.
There’s no word on the price for the second half of the development.
Back in 2005, the Consiglios bought the entire 259 hectares for $7 million. They ran into problems almost immediately by defying Central Okanagan Regional District rural zoning on the property by building the welcome centre, suspension bridges, wine cave and amphitheatre and proposing a ski hill, winery and housing subdivisions.
The work was funded by investors, who bought $40,000 and $150,000 shares.
However, in 2012 the B.C. Securities Commission issued a cease-trade order on investments and demanded that existing investors be offered their money back.