Dyer Mountain delays foreclosure sale
February 13, 2008
Owners of a Lassen County ski resort proposal have been granted another temporary reprieve from a foreclosure sale, leaving the future of the massive development up in the air.
Dyer Mountain Associates proposed 4,000 homes, three golf courses, and a ski resort on about 7,000 acres of forest land near Lake Almanor. Both the development itself, and its recent financial troubles, haven’t gone unnoticed in the Tahoe area.
Financial troubles led their lender, California Mortgage and Realty to issue a foreclosure sale notice originally slated for Feb. 4 to recoup the nearly $16 million debt.
But Dyer Mountain Associates have successfully extended the deadline in hopes of putting together funding to hold onto the property.
“Originally it was slated to go up for sale last Monday, then they got two days, and two more days, and then they got 14 days,” said Steve Robinson, president and executive officer of Mountain Meadows Conservancy, an opponent of the project.
“We’re just waiting for them to foreclose.”
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Currently the foreclosure sale date is set at Feb. 22, Robinson said.