The bankrupt Banning Lewis Ranch is for sale.
New York-based Eastdil Secured has been hired to sell the 20,500-acre property on the east side of Colorado Springs.
The land has been the source of a contentious legal battle since the property’s owner, Calif.-based Banning Lewis Ranch LLC, filed for bankruptcy in October.
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“The offer is … subject to the approval of the United States Bankruptcy Court and Chief Restructuring Officer. The property will be sold free and clear of the existing debt,” the company said in a release.
Banning Lewis has more than $242 million in debt, according to bankruptcy court filings.
There was no asking price listed in the firm’s release.
The property was supposed to be the sight of 75,000 residences to be constructed over the next 50 years, but only about 700 residences were completed before development ground to a halt.
About $75 million has been spent on infrastructure, such as roads and water lines, leading to the mostly vacant community.
Eastdil cited the following investment highlights in its release:
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