Osoyoos family in court for $8 million debt on $3 million home
An Osoyoos couple is being taken to court in an effort to get them to pay more than $8 million owing on a house assessed at only $3 million.
Documents filed in B.C. Supreme Court last week show that in May 2014, Darren Roy and Tracy Leanne Doucette took out a $700,000 second mortgage on an Osoyoos house with Vancouver-based Shorebrook Capital Inc.
It carried an annual interest rate of 24%.
Less than a year later, in March 2015, they entered into a “Forebearance Agreement” showing they owed a total of $6.4 million to Shorebrook and the first mortgage holders (Daniel Allen and Sandra Elaine Scott).
The documents list about half the $6.4 million as principal owing and the other half as interest. The $700,000 is listed in an appendix.
The forebearance agreement said Roy and Doucette, within eight months, would repay the first mortgage and, at least, $1.5 million on the second mortgage.
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The court documents don’t say how much was owed on the first mortgage but they indicate that both mortgages were taken out on the same day. They also say the Scotts are taking legal action against the Doucettes.
The Doucettes did pay $450,000 in interest between Oct. 1, 2021 and April 12, 2022.
As of Oct. 20, 2022, the court documents say they owed more than $8.2 million.
The Doucettes have not yet responded to the claim, they 21 days from the date the application was filled to respond. None of the allegations have been tested or proven in court.
The house in question was described in a real estate listing from two years ago as “one of the most spectacular homes ever built in Osoyoos.”
It’s referred to as Bella Vista estate at 3715 – 30th Ave. in Osoyoos. It has three bedrooms, six bathrooms and 6,160 square feet on just over one acre of land.
It comes with a triple garage, crystal chandeliers, wine cellar, marble flooring, salt water swimming pool, sauna, tennis court and putting green.
It was listed, at that time, for $4.5 million but assessed by B.C. Assessments, as of July 2022 when real estate prices were at some of their highest levels ever, at $3,052,000.
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