We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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A home at 1436 W. Oak St. in Fort Collins, listed as the address for Wyco Power and Water, the entity behind the Flaming Gorge project, has a outstanding principal balance of $553,814 owed to Verus Bank of Commerce.
The property, the owner of which is listed as Million Agricultural Investments, went into foreclosure on Feb. 8 and is scheduled for sale on June 6.
Million said the ownership behind the property is a partnership between him and his parents. He said his parents have had financial issues that contributed to the foreclosure.
Another property, located at 3172 Stargazer Court, has an outstanding balance of $1.2 million, also owed to Verus Bank. The property, home to Million and his ex-wife and children, entered into foreclosure on March 14 and is scheduled for sale on Oct. 31.
Million said he planned to get both properties out of foreclosure.
“We’re getting ready to pay the bank off on both,” he said. “These are completely separate from any of our other assets. It’s a family matter. We’re going to get the bank paid off and be done with it.”
Million is the developer behind the Regional Watershed Supply Project, a highly controversial 500-mile water pipeline which would siphon water from the Flaming Gorge Reservoir and the Green River in Wyoming and use it for municipal and agricultural purposes along the Front Range.
The project is currently being reviewed by the Federal Energy Regulatory Commission and is a point of contention in both Colorado and Wyoming.