The court-ordered sale of Bear Mountain lands has now begun, with the real estate listing now live.
The sale includes the Bear Mountain property and business operations, including its golf and tennis facilities, however, the Westin Bear Mountain Resort & Spa is not part of the development up for bidding and remains open and unaffected by the proceedings.
“Anchored by a vibrant residential base, two championship golf courses, and a Westin resort, Bear Mountain has grown into a premier lifestyle address just minutes from Downtown Victoria,” the real estate listing on Colliers’ website says.
“Today, a unique opportunity exists to acquire the remaining development assets within this thriving community, as well as the ‘Resort Operations’ which include Golf Operations, World Class Tennis Facilities and the expansive bike and walking trail network.”
The real estate listing touts the tennis courts as Canada’s largest indoor/outdoor red clay court facility.
Anyone interested in buying the property has until Sept. 16 to submit a letter of intent, outlining a proposed price, and indication of anticipated sources of capital for the project, among other information.
After that, a final bid process will begin for qualified bidders, which will be due by Nov. 3.
Bear Mountain has been under receivership since September 2024 following a court petition from Sanovest Holdings Ltd., a creditor owed more than $62 million by the resort.
In its May 2024 filing, Sanovest said it hadn’t received any payments since July 2023 and requested a receiver to take control of the resort’s assets and operations.
Sanovest also noted in earlier court documents that Ecoasis was facing other financial and legal challenges, including a lawsuit from the City of Langford over more than $3 million allegedly owed for road infrastructure upgrades to Bear Mountain Parkway.
Ecoasis denied it was liable to the city or owed it any money at all in its response.
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With files from CHEK’s Jeff Lawrence