ELLENVILLE – The complicated nature of the deal to return the Nevele property to an economic powerhouse was on view this week as the holder of a multi-million-dollar mortgage on the property, iStar, a real estate investment firm based in New York City, put the property up for sale (see real estate listing).

Jeff Kaplan, Mayor of Ellenville, said this was a "procedural move" that will help Nevele Investors LLC, who intend to build the Nevele into a sports park, clear the last obstacles to the development project. (There is also a legal ad on page 18 that states that the approximate amount of the judgement is more than $26 million, and if not paid by December 15, the property will be put up for public auction to the highest bidder.)

This followed the announcement a few weeks ago that Nevele Investors had inked a $313 million deal to develop the property into the Nevele Resort and ProSport Campus.

The move by iStar placed the property, which covers 564 acres, up for sale through the Gary DiMauro real estate agency. Susan Barnett, an associate broker with DiMauro, will be handling the property.

The Nevele Grande resort complex closed in 2009 after a long, painful decline. The Nevele was first established in 1903, and for decades it functioned as a first-class family resort that attracted many thousands of visitors.

In 2012, Nevele Investors earned the right to buy the property from previous owner, Joel Hoffman and the court-appointed receiver, Mitchell Wolff. As part of the deal, Nevele Investors paid off $1.8 million in back taxes, $100,000 to the State Department of Labor for back wages to former Nevele employees, and $100,000 in fees and expenses associated with the receivership. Nevele Investors hoped at the time to obtain a casino gambling license from New York State. That possibility failed to materialize. After a rethink, Nevele Investors returned with the Sports Campus concept.

Michael Treanor, CEO of Nevele Investors, said last week in regard to this latest development, that "the lender on the property (iStar) has in their possession a motion for summary judgement on a foreclosure complaint. We have begun negotiating with the lender to satisfaction. In the context of the ad — they called me two weeks ago and told me they were going to list the property." Treanor also said the Sports Park project is moving forward, "The redevelopment situation is proceeding full-speed — it's full steam ahead."