Foreclosing on the Olympics
A celebrity amongst the world’s top ski resorts and the location of the 2010 Winter Olympics may need a giant-sized ski pole to lift itself out of this financial snafu… and talk about timing. The winter Olympics set to start next month may be facing a giant obstacle, a foreclosure auction. Specifically, Vancouver’s Whistler Blackcomb resort the site of many of the events could possibly be sold to the highest bidder mid-festivities.
The owners of the resort, Intrawest, apparently missed a $524 million payment to Fortress Investment Group, a NY based hedge fund. Intrawest owns Whistler Blackcomb among other resorts in Colorado, California, Florida and Vermont- all of which will be included in the proposed February 19th foreclosure auction.
Alan Wurtzel, a researcher with NBC “expects 200 million people to watch at least parts of the Vancouver Games.” The games will be televised over a 17 day period.
Other notable Intrawest properties include:
Panorama Mountain Village, British Columbia
Sandestin Golf & Beach Resort, Florida
Snowshoe Mountain, West Virginia
Steamboat Ski Resort, Colorado
Stratton Mountain Resort, Vermont
The Village at Squaw Valley, California
Turning Cagey
Another one of Nic Cage’s palatial homes- turned foreclosure- recently sold for 3.5 million less than the original purchase price. The Las Vegas home purchased by Cage in 2006 for $8,500,000 was eventually sold post-foreclosure to a buyer at a steal of $4,900,000.
The home overlooking the Las Vegas strip boasts a 16-car subterranean garage among other luxuries. Considering the financially strapped Cage still owns about 13 other homes and two castles, it will be no surprise if you see a few more estates heading to the auction block.
Legendary NFL Defensive Lineman Filing For Bankruptcy
There is only one thing that could knock down former NFL defensive lineman Luther Elliss….bankruptcy. The two-time Pro Bowler has filed for Chapter 7 bankruptcy with his wife Rebecca.
Elliss is about to lose his million dollar home in Detroit after he has already lost a home in Utah. Luther started a financial downfall after his investment in Trinity Armor LLC deterioriated away when the company went out of business. Eliss and his wife have debts of over $4 million with assets of $1.4 million.
Luther and his wife have 11 children and are doing whatever they can to stay afloat.
Nic Cage is Back
Nicolas Cage apparently owed the IRS more money then expected. Cage had a federal tax lien issued against him for $6.7 million in unpaid taxes for 2008. This is on top of the other 6 million he owed already for four other years in the past.
According to TMZ, Nicolas Cages total in unpaid taxes is over 13.3 million buckaroos. If you remember at all, Cage had a falling out with his former business manager, Sam Levin. The two are currently in a legal battle as to way Nic fell financially.
Nicolas Cage told TMZ, “I am under new business management and am happy to say that I am current for 2009. All taxes will be paid including any to be determined state taxes.” We gotta say, Cage has some serious money to be able to bounce back the way he has.
The Foreclosure Crisis Hits Golfers
Even golf has been affected by the foreclosure crisis. The much anticipated Byron Nelson tournament may see its last year at the Four Seasons Resort and Club in Irving, Texas. The 400-acre luxurious resort will be going into foreclosure auction on February 2nd in Dallas County.
The U.S. Bank is seeking to get back $183 million back for a default loan taking out by BentleyForbes. The Byron Nelson golf tournament will not be affected this year but who knows what will happen in 2011. BentleyForbes is reportedly working out a solution with its lenders.
