San Diego Business Journal

Wilson Cos. Completes Receivership Sale of Ski Resort

Wednesday, December 26, 2012

San Diego-based Douglas Wilson Cos. has completed the $11.25 million receivership sale of 3,240 acres of Sierra Nevada land in Northern California, which includes the Royal Gorge Cross Country Ski Resort.

Truckee Donner Land Trust and Trust for Public Land, working as part of the Northern Sierra Partnership, acquired the property off Interstate 80 near Lake Tahoe, according to a statement from Douglas Wilson Cos.

The ski resort includes more than 3,000 acres of trail systems and the Summit Station day lodge. The acquisition also included the surrounding watershed area of Serene Lakes and the area around Summit Valley.

The statement said the lender on the property, Armed Forces Bank N.A., successor by merger to Bank Midwest N.A., sought the appointment of a receiver in 2011 after the partnership of Kirk Syme and Mark and Todd Foster defaulted on a $16.7 million loan.

The developers had proposed a 950-unit, recreation-centered conservation community. The project was thwarted by the real estate downturn, constraints related to availability of public services, and opposition from conservationists.

— SDBJ Staff Report