Owner Of Granby Ranch, Marise Cipriani, Surrenders Ski Area

GRANBY, Colo. (AP) - The owner of Granby Ranch surrendered the ski and golf community to avoid foreclosure. The Colorado Sun reports Marise Cipriani hand-delivered a letter to the Town of Granby's Board of Trustees on Tuesday night at the town's deadline for her to pay for about $3 million worth of road repairs to her resort community.

Granby Ranch Holdings is surrendering the property to lender Granby Prentice LLC, a Delaware-based company that loaned the resort nearly $56 million in 2016. Granby Prentice plans to team up with a California-based real estate investment firm to manage the nearly 8-square-mile property.

In March, the property was listed for sale, and a deal was reportedly closing.

"Could be a game changer for here," COO Greg Finch told CBS4 at the time.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)