The large parcel of Royston property where a company called Sage Hills had planned to create a sustainable community has been sold, according to the listing agent.
The Supreme Court of B.C. approved the deal Thursday.
“The court approved the sale of $4.9 million to some people that I introduced the property to early on in the listing,” said Ed Handja of Coast Realty in Campbell River. “We had other expressions of interest, one other offer presented in court that was significantly lower. By the end of next month. it should be in the new owner’s hands.”
At this point he could not disclose the identity of the new owner.
Handja said there was no contest in court.
“If they (Sage Hills) had some ground to stand on, they would have contested it,” he said.
Sage Hills had purchased the 2,083 acres from Comox Timber in 2006. The Victoria-based company planned to build a private sports academy and a K to 12 school with specialized university programs.
There was also a commercial and residential component, along with plans to construct an icesheet and to create a regional park where the property borders the Trent River.
Calgary-based Liberty Mortgage, which had been providing the mortgage, had a court order to sell the property. Sage Hills officials nevertheless remained hopeful.
President David Russell had said in January the company had a financing commitment from an overseas funder.
Calls to Sage Hills were not returned.
“It was a mammoth project even in the best of times,” Handja said in reference to the challenging economy. “It involved hundreds of millions of dollars. You had to have broad shoulders.”