THE LAND CONSERVANCY OF BC’S KEATING FARM ESTATE
SALE APPROVED BY THE SUPREME COURT OF BC
FOR IMMEDIATE RELEASE: March 10, 2014
Victoria, BC – The Supreme Court of BC has approved the sale of The Land Conservancy of BC’s Keating Farm Estate.
An offer of $749,000 was taken to the Court for approval on Tuesday, March 4, 2014. The offer to purchase came from Georgios and Rebecca Papadopoulos, who have plans to restore the old farm house and work with tenant farmers to continue farming the land currently in the Agricultural Land Reserve (ALR). On Friday, March 7, Madam Justice Gerow ruled that the sale was appropriate and that the purchasers are sensitive to the unique conservation and heritage values of the farm.
The sale will move TLC forward in its plan to reach financial sustainability. There are currently mortgages totalling $198,000 on the 27 acre property. TLC paid $680,000 for the estate in 2005. Once taxes, mortgages and DIP lenders are paid, the remaining funds will be paid to the court appointed Monitor, Wolrige Mahon Limited, who is beginning the claims process for vendors owed by TLC.
“We need to find good homes for many of our heritage properties,” said Briony Penn, TLC’s Board of Directors’ Acting Chair. “The revenues we raise will go to repaying our creditors. As Keating Farm is in the ALR, the lands will continue to be preserved for farming.”
“This ruling is a win-win for TLC and the Papadopouloses,” said John Shields, Director of Operations for TLC. “Rebecca and Georgios’ plan is to restore the estate and see the farm continue working. TLC could not invest the funds into the farm that they will be able to.”
About The Land Conservancy of BC:
The Land Conservancy of BC (TLC) is a non-profit, charitable Land Trust working throughout British Columbia. TLC’s primary mandate is to benefit the community by protecting habitat for natural communities of plants and animals. Founded in 1997, TLC is membership-based and governed by an elected, volunteer Board of Directors. TLC relies on a strong membership and volunteer base to help maintain its operations.
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Media contact: John Shields 250 479 8053