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Wells Fargo initiates foreclosure against Talisker

post #1 of 4
Thread Starter 

Not skiing related, but related to Talisker; Wells Fargo initiates massive foreclosure case against Talisker​

 

Quote:
 

Wells Fargo has filed a lawsuit against a group of firms under the Talisker corporate umbrella and others seeking to foreclose on $163.8 million worth of loans and accrued interest linked to prominent properties like Tuhaye and the Talisker Club.

The lawsuit, filed on Feb. 27 in 3rd District Court at Silver Summit, is the second spectacular case involving the Talisker corporate family after the highly contentious courtroom drama against the former owners of Park City Mountain Resort that ended with the sale of the resort.

 

Rather than bump the old thread about Talisker/Canyons/ParkCity/VailResorts, I thought I'd start a new thread. 

Old thread here - Park City Mountain Resort bought by Vail - All of the messy history

 

What kind of impact will this have on their other Park City holdings? 

post #2 of 4

Probably no impact.  

 

Tuhaye is a luxury residential housing development in Kamas http://talisker.com/thecommunity/tuhaye.html .  Some of the higher end homes currently for sale in Tuhaye are over 5,000 square feet and in the $ 2 - 4 million range.

 

 

The classic real estate saying is "location, location, location" -- and this development doesn't seem to have the right location.  

 

I drove out there for fun a year or two ago.  While technically only about 12 miles or so east of the PCMR base and much closer to the back of the Jordanelle Gondola at Deer Valley, when you drive there it feels like you are driving off the face of the earth (a real first world problem, I know).  It seems there is just nothing out there.  This rural feel certainly is either a feature or detriment depending on your point of view.  It doesn't feel like you are in or even near Park City, let alone Deer Valley.

 

It seems to me they compete with Promontory or Glenwild -- with 6,000 sf luxury homes in the 3 to 5 million range, and aspires to Deer Valley or The Colony (Canyons Resort) where some high end on-slope "houses" are 15,000 to 20,000 square feet & valued in the 10 to 30 million range.  

 

"How many Park City citizens does it take to screw in a light bulb?" goes the old saying.

 

"Just one; she holds on to the lightbulb and the world revolves around her."  It just isn't Park City.


Edited by SportyandMisty - 3/21/15 at 7:30am
post #3 of 4

Tuhaye. Would that be the golf course that is "busy" when there are 3 groups on the course?

 

Maybe this provides an explanation of why Talisker was so eager to cut a deal with Vail for The Canyons/Park City?

post #4 of 4

I was in Promontory last weekend.  It seems to have a similar demographic & target market. It has a similar location issue - but unlike Tuhaye, Promontory is booming.  New construction is everywhere.  

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