"It's a very valuable, very attractive piece of property," Bert Blicher, the COO with owner Epic Resorts tells GlobeSt.com, adding that the interested buyers have not yet made offers on the property.
The lakefront shopping area, located at the base of Lake Havasu's famous tourist draw, the London Bridge, includes several boat docks along with boardwalk retail space occupied by novelty shops and T-shirt vendors. About half of the retail space is vacant. Epic Resorts put the property on the market last week with a $6-million price tag, more than a year after the firm filed for bankruptcy.
Blicher said he expects the retail site will sell by May. If it doesn't, the shopping district property, including tenant leases and other assets, will be sold at auction to satisfy creditors.
Several months ago, Anthony Schnelling, who was appointed trustee of Epic Resorts by a federal bankruptcy court, filed a $30-million lawsuit against resort owner Thomas Flatley and other Epic executives, charging that both parties schemed to keep assets and cash from creditors. A settlement agreement between the parties was worked out in a bankruptcy court in Delaware ordering the sale of property, including the English Village.
According to the terms of that settlement agreement, Flatley will retain ownership of the resort property, which includes Bridgewater Links Golf Course along with three swimming pools, a restaurant, boat docks, tennis court, two bars and parking lot.
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