In 1991 Twin Rivers expanded to an 18-hole course, opening in July of that year. SaltWire attempted to contact Dennis Vardy, owner of Vardy Villas Ltd., but did not receive a reply by deadline.TWIN RIVERS - Twin Rivers Golf Course officially opened in August 1984 as a 9-hole public course in Terra Nova National Park. is still interested as the proposed purchaser and has been operating the resort through an operating agreement pending the final sale of the property. SaltWire Network contacted Grant Thornton LLP, which took over as the receiver of the property on the same date the sale was denied, and Phil Clarke, a partner in the accounting firm's Halifax office, told SaltWire they are preparing to make another offer to the courts on the sale of the resort, but due to a sealing order on the court-appointed receiver's report, he couldn’t comment on any particulars about the matter.Ĭlarke did confirm that Vardy Villas Ltd. “We’re just going to lose what we invested, unfortunately,” he said. He’s concerned that the next time an offer is made to the courts for the sale of the resort, they’re going to be forced to sell. Pardy said he estimated it cost at least that much so far based on his own legal fees of approximately $100,000, which Stack ordered to be covered by the receiver, and his lawyer was one of seven in the courtroom. There has to be over $600,000 in legal fees alone spent on this when a deal could have been made.” “BDC has been at this now for three years. “They were suing to take the condos from the owners who had bought and paid for them,” Pardy said. The court ruled in the favour of the dissenting owners and denied the sale of the properties, with Justice Robert Stack saying the receiver had failed to get the requisite consent of the third-party condo owners. (TNCC), a registered condo board in the province, and some of the owners of the condominiums had objected to the sale.īDO had taken the position that since it had the majority of the condos in the development, it had a majority vote on the board and could force the sale of the TNCC property. The condos, 20 commercial units and 34 residential units, are overseen by the Terra Nova Condominium Corp. The Newfoundland and Labrador Supreme Court denied the sale in June 2020, citing issues with the inclusion of some of the condominiums that had been sold to third parties. “We had our lawyers look at it and they said we’re probably going to lose this because they’re going to keep pushing and pushing.” - Bruce PardyīDO found a potential buyer, Vardy Villas Ltd., and pitched the sale of the assets to the courts as a package that included most of the real property of the resort, the Eagle Creek golf course, the leasehold interest of the Twin Rivers golf course, 38 unsold lots in the real estate development and 54 condominium units. and Twin Rivers Golf Inc., which owned the resort and the adjoining Terra Nova Estates. was appointed by the court as the receiver of the property after the Business Development Bank of Canada (BDC) foreclosed on Sports Villas Resort Inc. “We had our lawyers look at it and they said we’re probably going to lose this because they’re going to keep pushing and pushing.”īDO Canada Ltd. “Those condos were selling for $370,000,” he said. Pardy said he has no issue selling his condo for a fair price, but the most recent news he’s heard from his lawyer was that they were being offered $20,000 each for the condos. He says a deal could have been reached with the condo owners, and he doesn’t understand why it could not have been done before it turned into a lengthy legal matter.
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