Lassen resort property facing foreclosure sale

A mountainside near this Lassen County community could go back into timber production if the developers of a four-season resort do not come up with $15.8 million by 2 p.m. Feb. 4.

California Mortgage and Realty Inc., a San Francisco real estate financing company, posted notice Tuesday of a foreclosure sale of the property owned by Dyer Mountain Associates, developers of the 7,000-acre resort.

The mortgage company, which has lent more than $30 million to the developers, will accept cash or a cashier's check for the land planned for construction of more than 4,000 residential units, two golf courses and a ski resort projected to generate up to 500,000 visitors a year.

The foreclosure sale, scheduled as an auction on the steps of the Lassen County Courthouse, will not occur if the developers come up with the money first.

http://www.sacbee.com/101/story/641027.html