preserve at goldfield ranch

Arizona Real Estate Developer Faces Foreclosure On Major Land Project

Some Arizona land that was once to hold over 1,000 luxury homes and a luxury resort may be heading for a trustee's sale. The Arizona Republic reports that the Ellman Cos., doing business as Goldfield Preserve Development LLC, defaulted on a $177.1 million loan for the 2,450 acres of land in Maricopa County northeast of Scottsdale. The trustee sale is set for August 4.

The project known as the Preserve at Goldfield Ranch is part of the existing 5,000-acre Goldfield Ranch community. Ellman bought 2,200 acres for the development in 2006 for $133 million. The resort was to have a Canyon Ranch spa and resort and the single-family property lots were to be one to eight acres. In 2007 after the Maricopa County Board of Supervisors approved a master-plan amendment for the project it was predicting that groundbreaking could take place in as few as two years.

Don Kile, Ellman's president of master-planned communities is quoted in the article as saying that the company continues to work with their lenders to "resolve this issue and to maximize the property's value and marketability."

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