Court or­der sig­nals end of dream called Kelowna Moun­tain

The Daily Courier - - OKANAGAN - — Daily Courier Staff

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.

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