Elk Ridge golf resort enters receivership with over $13M in outstanding loans
A golfer at Elk Ridge Resort is pictured in this file photo.
SASKATOON -- One of Saskatchewan’s largest golf resorts two hours north of Saskatoon has gone into receivership.
Elk Ridge Golf & Conference Centre near Waskesiu has been listed for sale on the Colliers International website.
The resort, founded in 1993 by Arne Petersen, closed on March 26 due to the COVID-19 pandemic and said it had to cancel and refund all reservations made between that date and May 14, according to its Facebook page. It planned to reopen in the spring.
Conexus Credit Union is listed as the primary lender on the property in an affidavit filed at Court of Queen’s Bench in Regina on May 26.
As of May 6, Elk Ridge’s outstanding loans to Conexus equaled $13,289,737.71, according to the affidavit.
It said no payments have been made since before that date.
The resort’s listed assets include the 27-hole golf course, 34-room hotel and spa, 51 rental cabins, a church and various other recreational facilities and lots.
The affidavit said Conexus is allowing community volunteers to help with golf course maintenance to ensure that the value of the property does not go down during this transition phase. Conexus has rules and conditions for volunteers.
The sale of the Elk Ridge property will be done through a bidding process but a closing date was not revealed.