Paradise Ranch remains mired in bankruptcy proceedings - News - MailTribune.com - Medford, OR

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2015-04-25

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2 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation  |  Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Home News Latest Stories Emergency services Living with wildlife Armed protesters gather at Medford BLM office over Sugar Pine Mine dispute Expect up to two-hour delays on I-5 near Cottage Grove on Sunday Anonymous local makeup artist dolled up Monica for trial Crime, Courts and Emergency Services Emergency services Medford robbery suspect arrested after pursuit in Bend Dispose of documents and prescription drugs safely on Saturday Emergency services Teenager struck, killed by pickup Politics and Elections Arthur I. Cyr: Cuba’s enduring challenge to American foreign policy – and American politics Gov. Brown touts need for transportation funding in talk to Medford chamber Kent Bush: Clinton 2.0 is neither new nor improved Arthur I. 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Restaurant inspections: April 19, 2015 Siam Cafe offers 'mild' to 'very spicy' Thai cuisine Restaurant inspections, April 12, 2015 Tempo Videos Classifieds Jobs Autos Real Estate FEATURED   » Obits Blogs TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Special Sections Business Services NEWS NOW   Our View: Buildings belong with the Jackson County Library District       ...       Saving money, making money with trout       ...       Armed protesters gather at Medford BLM office over Sugar Pine Mine dispute       ...       Our View: Buildings belong with the Jackson County Library District       ...       Saving money, making money with trout       ...       Armed protesters gather at Medford BLM office over Sugar Pine Mine dispute       ...           Paradise Ranch remains mired in bankruptcy proceedings I read much about what was printed a few years ago about the Paradise Ranch development near Merlin. What has become of the project? Comment MailTribune.com Writer Posted Aug. 2, 2012 at 12:15 AM Updated Aug 2, 2012 at 3:15 AM Posted Aug. 2, 2012 at 12:15 AM Updated Aug 2, 2012 at 3:15 AM »  Social News I read much about what was printed a few years ago about the Paradise Ranch development near Merlin. What has become of the project? — Howard F., Rogue River Many have dreamed about turning Paradise Ranch off Monument Drive near North Valley High School into a destination resort, complete with golf course, tennis and other amenities. Alas, the simple element known as working capital has proven to be a barrier that a series of developers have failed to penetrate with success for 30 years. Sequoia Partners, led by Daniel Charbonneau, filed for Chapter 11 protection in December of 2010 and the matter still is pending before U.S. Bankruptcy Court in Eugene. According to court documents, liabilities now exceed $46 million. Mark Illsley, a commercial real estate broker who was working with the developers and is now a consultant with the court, said the project had half of its funding in place but ran aground when the recession halted lending. "The recession impacted a lot of destination golf courses, which lost about 50 percent of their value around the United States," Illsley said. He cited a development adjacent to Running Y Golf Course in Klamath County, where lot prices fell from an average of $190,000 to $15,000 to $20,000 for fully developed lots. In its proposed plan, Sequoia Partners asked to sell residential lots piecemeal to satisfy its debtors and go forward with other elements of its efforts. But there are still months of court-grind before the matter is settled. "Once the courts come up with a settlement between the developer and lender, we could started seeing improvements very soon," Illsley said. "I think they're about 75 percent through the process." Send questions to "Since You Asked," Mail Tribune Newsroom, P.O. Box 1108, Medford, OR 97501; by fax to 541-776-4376; or by email to [email protected]. We're sorry, but the volume of questions received prevents us from answering all of them. MailTribune.com Writer Posted Aug. 2, 2012 at 12:15 AM Updated Aug 2, 2012 at 3:15 AM » Comment or view comments   Reader Reaction »  STAY INFORMED   Email NewsLetter   Sign Up Today   Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Stay Informed   Email newsletter   Sign Up Today   Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2015 Local Media Group, Inc. 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