You can watch up to ten companies at a time.The Ellman Cos. has defaulted on $177.1 million in loans it received from the Cayman Islands branch of Credit Suisse AG in 2006 and 2007 to purchase about 2,500 acres of land east of Fountain Hills.Goldfield Ranch Phase III, also known as the Preserve at Goldfield Ranch, was designated for nearly 1,000 luxury homes. It also was to include the Canyon Ranch Resort and Canyon Ranch Spa, according to the Ellman website.
The proposed development would have straddled State Route 87 and shared a border with the Fort McDowell Yavapai Nation. The Indian community was against it, but the Maricopa County Board of Supervisors gave it a preliminary OK by a 5-0 vote in December 2007.
The controversy may be moot, given that the land is scheduled for trustee sale Aug. 4. Ellman purchased the land at the height of real estate prices in the metro area.
Don Kile, president of the Ellman Cos. Master Planned Communities, said in a statement that the company continues to work with lenders to resolve financial issues and maximize the Goldfield project’s value and marketability.
“The outcome of this particular project will not affect any of the Ellman Cos.’ other projects, as all of Ellman’s U.S. real estate projects are operated, managed and financed independently,” Kile said.
The Fort McDowell Yavapai Nation and Board of Supervisors had no comment.
The Ellman Cos. purchased the largest parcel of the proposed development in June 2006 from Fountain Foothills LP and two related limited-liability companies. That parcel was surrounded by the reservation and the Tonto National Forest. The Phoenix-based development firm continued to amass adjoining properties into 2007 and then submitted its initial plans to the Board of Supervisors for approval.
Concerns about fire protection and water supplies were among the most significant issues raised by the Fort McDowell Yavapai Nation.
The Ellman Cos. is headed by Steve Ellman, former owner of the
The notice of trustee sale was filed May 4 at the Maricopa County Recorder’s Office.
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The Ellman Cos.: www.ellmanco.com
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