by Staff at the EagleCountyTimes.Com
The property known as the Ritz Carlton Bachelor Gulch is in a $61 Million Dollar Foreclosure according to public records obtained from the Eagle County Public Trustees office. Bachelor Gulch is considered a part of the overall Beaver Creek Ski Resort located in Eagle County, Colorado. As best as can be determined by the ECT, this is the single largest dollar foreclosure in the history of Eagle County, Colorado.
Sifting through a legal maze (LLC’s, Registered Agents, endless lawyers) of public records from the Eagle County Assessors office and the County’s Public Trustees Office the ECT was able to determine that the property in foreclosure appears to be owned by the Gencom Group.
The Gencom Group according to their web site was founded by Karim Alibhai (Click Here)
The foreclosed party from the County’s Public Trustees office is listed as ‘Bachelor Gulch Properties, LLC’ – with a physical address that exactly matches the Gencom Groups address in Miami, Florida. That same physical address is where the Eagle County Property Tax bill ($443,286.24 for tax year 2010) was mailed. At the time of this report – that Property Tax bill had not been paid.
From a review of the Deed of Trust (foreclosure documents – Click Here) for this property – it appears that Mr. Alibhai’s Group (along with original lender Lehman Brothers) entered into an agreement to have the Ritz Carlton manage and have the Ritz Carlton name identified with this property.
Special thanks to ECT contributor Robert W. for help researching this story.