Tamarack Resort Gets OK to Sell $670M in Bonds

Forbes.com and other business web sites are reporting that Tamarack Resort in Idaho has received permission to sell $670 million in bonds. According to the report, proceeds of the bond sales would be used to complete unfinished buildings, make good on more than three dozen liens filed by unpaid contractors, and repay debt to Credit Suisse to resolve a loan dispute.

Last month tennis stars Andre Agassi and Steffi Graf, backed out of investing in a proposed luxury hotel on land they were to purchase from Tamarack. Their withdrawal was said to caused by jitters related to a slumping real estate market and credit problems plaguing Tamarack Resort owners, Jean-Pierre Boespflug and Alfredo Miguel Afif.

Don't jump up and try to invest your savings just yet because the owners are actively seeking undisclosed institutional investors to purchase the bonds. Hopefully, some deep pockets will step forward and realize the long-term value of such an investment and Tamarack can get on with its construction plans.