Controversial Kelowna developer loses bid to fight off foreclosure
KELOWNA – The courts have granted a foreclosure order to a lender owed millions of dollars by the developers of the controversial Kelowna Mountain project.
Tri City Capital Corporation took legal action against Mark and Nicola Consiglio, and one of the couple’s numbered companies, after the Consiglios stopped making monthly mortgage payments of $50,000.
Through eight mortgages, Tri City is owed about $4.5 million in principle and interest.
The judge also granted an immediate order of sale of real estate used to secure the mortgages.
They include six residential properties on Trumpeter Road and Upper Mission Drive in Kelowna.
Court documents also list two properties on Westside Road.
Consiglio has reportedly appealed the judgment awarded Tri City.
In other, unsettled foreclosure lawsuits, different Kelowna Mountain lenders claim to be owed roughly $15 million in defaulted loans.
Mark Consiglio claims to have spent more than $50 million on the Kelowna Mountain project.
In a lawsuit filed late last year against the Regional District of Central Okanagan, Consiglio alleges the district’s actions to prevent all development at Kelowna Mountain effectively put him out of business.
The district denies the allegations.
When first announcing his project in 2007, Consiglio vowed to build up to 1800 homes in a resort-style community, complete with a golf course, ski hill and hotel.
He later said Kelowna Mountain would become a wine park agri-tourism attraction with grapes growing in numerous greenhouses.
The 640 acre property is mostly known for its four pedestrian suspension bridges and Tuscan style welcome centre.
The Consiglios have left Kelowna and are apparently living in the Lower Mainland.