Mohave Daily News: Top Story

BULLHEAD CITY - An undeveloped part of Laughlin Ranch is up for sale as part of the Chapter 11 bankruptcy proceedings. The upscale, master-planned community on the Bullhead Parkway filed for bankruptcy protection on July 13.

The 640-acre parcel is east of the Parkway in the vicinity of Silver Creek Road but does not border the Parkway.

Consolidated Mortgage, LLC will likely buy the property for the amount it is owed - $17.7 million - unless another buyer can be found.

“Consolidated Mortgage has the senior lien on that parcel,” said Jordan A. Kroop, Partner, Restructuring & Reorganization, Squire, Sanders & Dempsey L.L.P., who is handling the bankruptcy case.

“What Laughlin Ranch is attempting to do is locate a purchaser for that property - ideally, a purchaser that would be paying more than what is owed on it to Consolidated,” Kroop said.

“Consolidated, of course, always retains the right, as any lender would in a bankruptcy context, to credit-bid the amount of its debt against the property to ensure that another party can't come in and pay less than what's owed to Consolidated,” he said.

Avion Holdings now manages Laughlin Ranch, taking over from David Lords, Laughlin Ranch president, before the bankruptcy filing. Avion is coordinating the potential sale of Laughlin Ranch.

After the Lewis Group of Companies decided not to purchase Laughlin Ranch, several other potential buyers are looking at the property, according to Kroop.

Laughlin Ranch is able to borrow up to $10 million to continue operations. They've been borrowing approximately $500,000 monthly and have ample funds remaining, Kroop said. Laughlin Ranch operations include a golf course, spa and restaurant.