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October 24, 2012
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N.Y. firm handling Club at Cordillera sale

EAGLE COUNTY, Colorado - The Cordillera Club is for sale and a New York realty group is wooing prospective buyers.

GA Keen Realty Advisors, a division of Great American Group, Inc. started marketing the Cordillera Club last week. It started softly and got aggressive on Monday, said GA Keen Realty Advisors Co-President Harold Bordwin.

Bordwin was reluctant to speculate about how much Cordillera might fetch, except to point out that an asset is worth what someone is willing to pay for it.

The sale is part of Cordillera's bankruptcy settlement. The timetable calls for bids by Dec. 3.

If there are two or more qualifying bids, GA Keen Realty Advisors will hold an auction Dec. 10, Bordwin said.

"By January the club can be in new ownership," Bordwin said.

His company deals in real estate auctions all the time and the Club at Cordillera Club bankruptcy sale will go like most of the others. Still, it's a unique piece of real estate, Bordwin said.

"It's certainly an attractive property in a special location," Bordwin said. "There are really no comparable real estate opportunities on the market today."

The Club at Cordillera includes three 18-hole championship golf courses designed by golfing greats Jack Nicklaus, Hale Irwin and Tom Fazio. The club is located on about 725 acres.

The other parts of the Club at Cordillera are being marketed as a separate package: a 10-hole short golf course, an athletic facility with an indoor lap pool, a fitness facility, a general store, a family center with an indoor game and recreation center, pool and outside playground, along with miles of maintained riding, hiking and ski trails.

Bordwin's firm is marketing to every type of user and investor, people in the industry, financial buyers and investors.

"Someone who has cash or financing and can move quickly," Bordwin said.

Cordillera's owners filed for Chapter 11 bankruptcy on June 26, the day a $12.7 million loan was due to Alpine Bank.

The Wilhelms and some Cordillera Club members have been locked in litigation for more than a year.

For the second year in a row, Cordillera's Valley course is the only one of the four Cordillera golf courses open, along with that course's facilities.

And that's where the lawyering began.

Last spring Wilhelm promised to open all four golf courses, but opened only the Valley course and laid off dozens of workers.

Wilhelm sued homeowners groups for $96 million, claiming they were trying to drive him out so they could take over.

A few days later some of the members sued him in a class action lawsuit for $108 million, saying the Wilhelm Family Partnership collected $8 million in membership dues last year and paid themselves almost $1 million, while failing to open three Cordillera golf courses. The members say that violated the membership agreement.

The lawsuit asks that the 2011 dues be repaid and that all the membership deposits be refunded.

Staff Writer Randy Wyrick can be reached at 970-748-2935 or rwyrick@vaildaily.com.


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The VailDaily Updated Oct 24, 2012 10:57PM Published Oct 24, 2012 10:55PM Copyright 2012 The VailDaily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.