The end is near for Kelowna Mountain as foreclosure looms | iNFOnews | Thompson-Okanagan's News Source

Would you like to subscribe to our newsletter?

Kelowna News

The end is near for Kelowna Mountain as foreclosure looms


KELOWNA – After another failed court appeal, the former owner of Kelowna Mountain must now sell nine of his local properties in order to pay back millions owed to lenders.

Last year Tri City Capital Corporation sued Mark and Nicola Consiglio, as well as one of their numbered companies, after they stopped making monthly mortgage payments of $50,000, according to Michael Goodman, President of Tri City Group of Companies.

Goodman says Consiglio’s appeal of that decision was recently denied in Supreme Court.

“We received the oral decision of Mr. Justice Macintosh with respect to the nine Kelowna Foreclosures,” Frank Scordo, a lawyer for the group writes in an email. “He granted Order Nisi of Foreclosure with a one month redemption period.”

According to the email, the Justice ruled Consiglio failed to pay the $50,000 per month as required under the Memorandum of Agreement, broke the Agreement and failed to pay back the money after the Sept. 7, 2015 due date. 

“He has done everything absolutely possible to delay us getting into court,” Goodman wrote in an email to iNFOnews.

The properties, which are in the Upper Mission and West Kelowna, are worth roughly $4.5 million. Last year Consiglio was given six months to repay money he borrowed from Tri City to purchase a 160-acre parcel of land he wanted to turn into a $100-million wine park attraction. He put up nine properties as security.

Consiglio began construction of the park before securing permits, however, and the Regional District of the Central Okanagan shut him down. He unsuccessfully sued the district several times, claiming bias that cost him $50 million.

Consiglio had until June 9, 2016 to pay back the 2009 loan after which he was allowed a six-month redemption period. That period passed without the money being repaid.

“These defendants cannot pay their debts when they come due,” lawyer Roy Sommerey said in court, June 8  2016. “We don’t know what Mr. Consiglio can pull out of his hat. All three parcels on Kelowna Mountain are in foreclosure.”

Two months ago a judge ordered Consiglio to put the largest of three Kelowna Mountain parcels of land up for sale.

According to court documents other lenders claim to be owed roughly $15 million in defaulted loans.

“The sad tale of Mark Consiglio... in the Kelowna area is coming to end,” Goodman writes.

To contact a reporter for this story, email Adam Proskiw or call 250-718-0428 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © iNFOnews, 2017

  • Popular vernon News
View Site in: Desktop | Mobile