TEMECULA, CA—GlobeSt.com has learned that Vail Lake Resort, a 7,995-acre private resort, will be sold in a bankruptcy public auction on August 7 in San Diego. Lee & Associates, which is the listing agent for the auction says it could fetch more than $85 million.
Developed in 1948 when owners of Vail Ranch constructed the 132 foot high Vail Lake Dam, Vail Lake Resort is now a mecca for outdoor sport and entertainment, including the largest private lake in California, 520 full hook-up RV Sites, miniature golf, swimming, boating, fishing, water slides and many other outdoor activities.
Matt Weaver, Al Apuzzo and Patrick Miller of Lee & Associates San Diego North County are the listing agents for the auction. Weaver says that “This one of a kind property is well located in Southwest Riverside County with the majority of Vail Lake within the Temecula School District, the highest rated school district in the Inland Empire.” He says that the property “possesses magnificent views of the Temecula Valley and the Lake.”
He adds that the property is zoned for up to 1600 residential units and the new owner “will have the opportunity to increase revenues through more memberships and increased recreational activities while entitling the property for future residential development.” Weaver says that desirable properties with scale such as this one are difficult to find in such a good location.
Vail Lake, which is privately owned with recreational access to the lake privately controlled, is a large reservoir of 1,000 acres in western Riverside County. Located in Temecula on the Temecula Creek and Santa Margarita River watershed, the resort is approximately 10 miles from Old Town Temecula and seven miles east of I-15 on Highway 795.
Formerly Butterfield Country Recreational Park, Vail Lake Resort was established in 1968 to provide public access to the Lake and its marina, but closed by its owners in 1989. In 1995, a members-only resort facility was opened at the location of the former park; and in 2000, the water activities area was re-opened to the public on an annual fee basis. Today, boating rights on the lake are reserved for annual members only but RV access is open to the public with paid nightly reservation or a day use pass.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
