Truckee-area land conservation groups submit bid for defaulted Royal Gorge property | SierraSun.com
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Truckee-area land conservation groups submit bid for defaulted Royal Gorge property

File photo - David Madison Royal Gorge offers thousands of kilometers of terrain on top of the world at Donner Summit.
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TRUCKEE, Calif. andamp;#8212; It’s a big day on Donner Summit andamp;#8212; and not just because of all the fresh snow.Today is the andamp;#8220;Call for Offers Dateandamp;#8221; for the 3,000-acre Royal Gorge property, according to a Friday morning press release from Sierra Watch Executive Director Tim Mooers. Bids are due by 5 p.m., and Sierra Watch’s partners at Truckee Donner Land Trust and Trust for Public Land are submitting an offer, according to the press release.andamp;#8220;This is our top priority,andamp;#8221; said Perry Norris, of Truckee Donner Land Trust, in a statement. andamp;#8220;And we’re confident ours will be the best offer andamp;#8212; for the property owners and, also, for all of us who care about the future of Royal Gorge and Donner Summit.andamp;#8221;If the bid is accepted, Mooers said success will depend on the organizations’ ability to secure donations to meet the purchase price.andamp;#8220;It’s the next step in our ongoing campaign to turn the threat of development on Donner Summit into one of the great conservation opportunities in the entire Sierra Nevada,andamp;#8221; Mooers said in the press release. andamp;#8220;It’ll be a great opportunity for us to invest in the future of Donner Summit.andamp;#8221;The Royal Gorge property is listed at $24 million, according to previous reports.It was previously owned by Kirk Syme, owner of Woodstock Development headquarted in the San Francisco Bay Area, who brought the property in 2005 for about $35 million.The property, which is situated predominantly in Placer County but encroaches into Nevada County, was set to house a 950-unit subdivision.Syme borrowed about $17 million of the purchase price and subsequently defaulted on the loan, which is currently held by Armed Forces Bank, in June of 2011.Armed Forces Bank appointed a receivership andamp;#8212; Douglas Wilson Companies of San Diego andamp;#8212; in September of last year.Douglas Wilson’s main responsibility is to continue to operate the ski resort and the Rainbow Lodge as to preserve the asset, said Alan Scott in a previous Sierra Sun story.Read much more about the property and its recent default history here:https://www.sierrasun.com/article/20120117/NEWS/120119927andamp;parentprofile=search


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