Resort co-owner LaVanway Capital and Trade Corp. say the foreclosure "does not change operations or ownership of the resort." Among the affected properties are the Cedar River, Summit Village and Schuss Mountain golf courses, the Summit and Cedar River Village lodges, the Schuss restaurant and ski slopes, and numerous individual condominium units throughout the resort, which is between Bellaire and Mancelona in the northwestern Lower Peninsula.
A resort spokesman says Shanty Creek ownership is seeking to reorganize its debt through new lenders. The mortgage was entered into by resort owners Go Forward Limited Partnership and LaVanway Capital and Trade Corp.
Antrim County Treasurer Sherry Comben says Go Forward Operating Limited Partnership owes about $487,000 in back taxes, interest and penalties for 2002 and 2003. Hunting Investment Corp., the previous name for what is now LaVanway Capital, and Trade Corp. owes more than $139,000 for the same time period, Comben says.
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