BELLAIRE, MI-Shanty Creek-Schuss Mountain resort is scheduled to be sold by foreclosure auction on Sept. 24. Go Forward Operating Partnership, headed by Thomas LaVanaway of Charlevoix and former resort CEO Terry Schieber, which owns the northern Lower Michiganresort, has defaulted on a $20.4-million mortgage.

Comerica Bank recently began foreclosure proceedings and set the auction date. Shanty Creek opened in 1962, Schuss Mountain in 1968. They merged in 1986, creating a 4,500-acre property consisting of 47 ski slopes, four 18-hole golf courses, miles of cross-country ski and mountain biking trails and hundreds of rooms. The resort is 30 miles northeast of Traverse City.

“The goal is to find a new lender to take Comerica’s position as lead lender, and new equity to provide funds for capital improvements to update facilities that have not been updated due to limited cash flow,” Go Forward says in a statement. “It is the [partnership's] intent to secure a new lender prior to Comerica’s deadline.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.