Update 3/12/13: We have received marketing information regarding the sale of Remington Ranch Desitination Resort. This is not comprehensive due diligence information but general information regarding the original project. Included in the packet are photos, maps, offering terms, project summary, property fact sheet, entitlements, golf course information, and an outline of infrastructure and existing improvements. Investors interested in purchasing Remington Ranch Resort must enter into a confidentiality agreement prior to obtaining property due diligence information.
Some highlights from the marketing information: There is a completed 4,384 square foot club house/sales office on the property. Tom Doak designed the partially completed links golf course mentioned below. Remington Ranch Resort was originally approved for 731 single family units and an additional 400 overnight units. The property is, in fact, offered for sale at $5,000,000. This property is located in a market where a moratorium restricts further approval of destination resort projects. A buyer would have flexibility in changing the vision or pursuing alternative entitlements with local officials because no memberships or lots have been sold to date.
To request more information or a confidentiality agreement interested buyers should contact Becky at (541) 508-2930.
Original Post: One of the biggest resort failures in Oregon as a result of the Great Recession is Remington Ranch. The 2,000+ acre, partially developed resort, is back on the market at the drastically reduced price of $5 million.
The original developers had planned for and secured permission to build three golf courses, 800 homes and 400 guest units. They only managed to construct 9 holes of one course before filing for bankruptcy in 2010. At this point it is unclear what, if any, other infrastructure is in place to support resort operations.
Remington Ranch will be liquidated through U.S. Bankruptcy Court as a short sale. The listing agent told Portland Business Journal that marketing efforts were ramping up in November but I couldn’t find a listing so maybe they aren’t quite as close to getting the property on the market as they had hoped. However, if you would like more information about this property or other resort properties for sale in Central Oregon please call Becky Seim at (541) 508-2930.
Listing information courtesy of Jim Dignan and Bridge Investment Group, Denver, CO.
