Ellman faces foreclosure on land for luxury homes, resort

A developer faces foreclosure on a 2,450-acre swath of land east of Fountain Hills where 1,000 luxury homes and a resort were planned. The Ellman Cos., doing business as Goldfield Preserve Development LLC, defaulted on a $177.1 million loan for the land in Maricopa County northeast of Scottsdale. A trustee sale is set for Aug. 4, a company representative said. "With regards to the Goldfield Project, we continue to work with our lenders and partners to resolve this issue and to maximize the property's value and marketability," said Don Kile, Ellman's president of master-planned communities. The project, called the Preserve at Goldfield Ranch, is part of the existing 5,000-acre Goldfield Ranch community flanking Arizona 87 and the Fort McDowell Reservation. Ellman, based in Phoenix, acquired 2,200 acres for the development in 2006 for $133 million.

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