It was supposed to be an elaborate 640-acre resort-style development complete with hundreds of homes, a ski-lift, cliff hike across a spectacular 100-foot waterfall, suspension bridges and a golf course but half of the property known as Kelowna Mountain is now officially for sale.
The sale is court-ordered after developer Mark Consiglio failed to to pay back millions of dollars to investors.
The property is accessed off Chute Lake Road, just outside the city’s southern boundary.
The 320-acre parcel of property is listed by Jeff Hudson and Marshall McAnerney of HM Commercial Group at a price of $7,995,000.
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.
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 has denied the allegations.