Tuesday, March 11, 2014

Credit Suisse Snaps Up Most of Tamarack in Sheriff's Sale

Posted By on Tue, Mar 11, 2014 at 12:35 PM

Following a series of on-again, off-again auctions where some of the last remaining pieces of the Tamarack Resort were to go on the block—including Tamarack's ski operations, hundreds of acres of land and an unfinished wing of the Lodge at Osprey Meadows—Credit Suisse walked away March 10 with much of property after being the one and only bidder. The acquisitions came close to $80 million.

Following Monday's auction, held on the steps of the Valley County building in Cascade, Credit Suisse now holds much of the mountain assets, hotel property and a land parcel known as the Lake Wing property.

The properties were once valued at more than $300 million, including unpaid debts and interest.

In 2007, the Tamarack Resort, just outside of Donnelly, had experienced half-a-billion dollars in real estate sales and the ski runs were being hailed as some of the best in North America. But what once promised to be one of the finest resorts on the planet ended up in bankruptcy, with half-finished buildings and a bench warrant for former Tamarack owner, and still-missing, Jean-Pierre Boespflug.

Meanwhile the Tamarack Municipal Association, representing nearly 400 homeowners, continues to run the ski operations at the resort.

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